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Non-Bank Lenders Move into HELOC Space

While banks and credit unions have long dominated the market for home equity lines of credit, Massachusetts has seen other lenders – both familiar and new – make headway in the second mortgage market amid rapid changes to the industry.

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HELOCs Step into the Gap

More homeowners – and lenders – are turning to home equity loans and lines of credit in the face of historic levels of tappable equity and rising mortgage rates that make cash-out refinances unattractive.

Home Equity: A Re-Emerging Opportunity for Lenders

By identifying customers with significant home equity value, lenders can target a sizable market to cross-sell home equity products and serve customers’ needs to fund home improvements, pay off credit cards and student loans, or make other large purchases.

Taxpayers Get Good News on HELOCs

It’s official: Despite widespread fears to the contrary, the IRS has clarified that last year’s big tax bill did not kill all interest deductions on home equity lines of credit and equity loans.