An improvement in senior home values helps drive the increase
Home equity among the elderly rose to $6.3trn in the first quarter of 2017 from $6.13trn in Q4 of 2016, according to data from the National Reverse Mortgage Lenders Association.
Further, the NRMLA /RiskSpan Reverse Mortgage Market Index said that the growth in housing wealth among homeowners aged 62 year and above was due to an estimated 2.6% or almost $200bn improvement in senior home values.
However, this growth was offset by a 0.6% increase in senior held mortgage debt, which was equal to $9bn.
MRMLA president and chief executive Peter Bell said in a statement, “Older adults who want to stay in their own homes as they age, and we know a majority do, may find that the house that was perfect for raising a family lacks the features to support aging in place.”
“The housing wealth our seniors have built up in their homes over the years, their home equity, can be used to update the family house into a space for living independently and comfortably in the years to come,” he concluded.
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Further, the NRMLA /RiskSpan Reverse Mortgage Market Index said that the growth in housing wealth among homeowners aged 62 year and above was due to an estimated 2.6% or almost $200bn improvement in senior home values.
However, this growth was offset by a 0.6% increase in senior held mortgage debt, which was equal to $9bn.
MRMLA president and chief executive Peter Bell said in a statement, “Older adults who want to stay in their own homes as they age, and we know a majority do, may find that the house that was perfect for raising a family lacks the features to support aging in place.”
“The housing wealth our seniors have built up in their homes over the years, their home equity, can be used to update the family house into a space for living independently and comfortably in the years to come,” he concluded.
Related stories:
San Francisco SaaS firm secures $11m series funding for mortgage, other applications
Fannie Mae announces winners of two community impact pools of NPLs
