Energy-efficient mortgages (EEM), also known colloquially as green mortgages, are still relatively unknown among homeowners. Perhaps it’s due to a lack of information, or perhaps even due to mismanaged marketing, but green mortgages, started by the Federal Housing Administration in 1995, are a great way to improve one’s home, finances, and health.
Few homeowners know that energy-efficiency upgrades can get them tax credits. Fewer know that with an energy-efficient home, they lessen their carbon footprint and contribute more to making their communities sustainable. An EEM makes both of these possible.
The New York Times reports that less than one percent of all mortgage loans are green mortgages, quoting industry stakeholders. Over the past few years, more and more people are getting concerned about the energy performance of their homes. Environmentalists and industry stakeholders alike hope that green mortgages increase to prop up the already weak mortgage market….Read Full Article