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AmeriSave Mortgage Corporation has announced the launch of a HELOC offering to meet the needs of borrowers who want to tap into their housing wealth.
Demand for HELOCs (home equity lines of credit) has grown 22% year over year and 52% over the last five years, the company said, citing data from TransUnion. Although home price growth slowed in the second quarter, the total average equity per borrower reached almost $300,000, according to CoreLogic. Collectively, homeowners with mortgages gained $3.6 trillion in equity since Q2 2021.
“For many households, home equity is the only source of wealth creation,” said Selma Hepp, interim lead for the office of chief economist at CoreLogic. “As a result, recent record gains in equity and record declines in loan-to-value ratios will provide many owners with a financial buffer in case economic conditions worsen. In addition, record equity continues to provide fuel for housing demand, particularly if households are relocating to more affordable areas.”
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