Rocket Mortgage supports Vermont bill for home equity loan flexibility

Support for a key bill aimed at easing home equity loan access took center stage during the Vermont Senate Finance meeting on April 3, 2025. Stakeholders emphasized the urgent need for legislative changes to help families navigate the current housing market, where high mortgage rates have stalled home sales.

David Pfeiffer from Rocket Mortgage highlighted the challenges faced by homeowners, noting that many are reluctant to sell their homes due to low mortgage rates locked in below 5%. Instead, families are opting to invest in their current properties, leading to a surge in demand for home equity loans. "This change will put Vermont in line with 47 other states and the District of Columbia," Pfeiffer stated, advocating for section 16 of the bill to provide families with greater financial flexibility.

The discussion underscored the importance of adapting to the evolving housing landscape, with stakeholders urging lawmakers to support the bill to ensure that Vermonters can access the financial resources they need. As the meeting concluded, the call for action was clear: enabling families to leverage their home equity is crucial for fostering economic stability in the state.