America’s senior homeowners saw their home equity grow by $150 billion in the second quarter of 2017 compared to the first quarter, while their mortgage debt gained by $12 billion
America’s senior homeowners saw their home equity grow by $150 billion in the second quarter of 2017 compared to the first quarter, while their mortgage debt gained by $12 billion.
The 2.4% gain took the total equity in homes owned by those aged 62 or older was $6.42 trillion according to figures from the National Reverse Mortgage Lenders Association.
The increase is made up of an estimated 2.1% rise in home values to $162 billion, offset by the $12 billion (0.8%) rise in seniors’ mortgage debt. The rise in the association’s Reverse Mortgage Market Index to 230.17 is a new record high since it began in 2000.
With healthcare spending expected to rise, the association’s president and CEO Peter Bell said that seniors can benefit from the rise in their home equity to help fund this and other costs of aging.
“Housing wealth provides older homeowners with an available source of funds to manage the costs of caregiving and other expenses incurred in the last third of life," he said.
Figures from the National Reverse Mortgage Lenders Association show that more than one million seniors have a reverse mortgage and a report from the University of Ohio suggests 14% took out the loan to fund ongoing health or disability expenses.
The 2.4% gain took the total equity in homes owned by those aged 62 or older was $6.42 trillion according to figures from the National Reverse Mortgage Lenders Association.
The increase is made up of an estimated 2.1% rise in home values to $162 billion, offset by the $12 billion (0.8%) rise in seniors’ mortgage debt. The rise in the association’s Reverse Mortgage Market Index to 230.17 is a new record high since it began in 2000.
With healthcare spending expected to rise, the association’s president and CEO Peter Bell said that seniors can benefit from the rise in their home equity to help fund this and other costs of aging.
“Housing wealth provides older homeowners with an available source of funds to manage the costs of caregiving and other expenses incurred in the last third of life," he said.
Figures from the National Reverse Mortgage Lenders Association show that more than one million seniors have a reverse mortgage and a report from the University of Ohio suggests 14% took out the loan to fund ongoing health or disability expenses.
