November 22, 2024 5:24 am
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Home equity loans make a cautious return

equity_englishBy Lisa Prevost | The New York Times

Home-equity lending is making a gradual comeback now that property values in some areas have risen to levels that give homeowners something to borrow against.

“We are definitely starting to see a pickup in that space,” said John T. Walsh, the president of Total Mortgage Services, a direct lender and broker licensed in about 20 states. Not only are more customers showing interest in equity loans, but more lenders are coming to market with equity products, he said.

Bank of America reported a 75 percent increase in originations of home-equity loans and lines of credit in the first quarter of this year compared with last year. The lender offers a fixed-rate equity loan product and a variable-rate home equity line of credit, or Heloc.

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