Home equity among seniors 62 and older has hit $6.1 trillion, according to new data
Home equity among seniors 62 and older has hit $6.1 trillion, according to a study by the National Reverse Mortgage Lenders Association. That’s a $152 billion increase during the third quarter alone.
The increase was driven largely by a 2.3% spike in senior home values, according to a Reverse Mortgage Daily report. That spike helped push the NRMLA/RiskSpan Reverse Mortgage Market Index to 217.34, an all-time high.“The upward trajectory of the RMMI tells us that housing wealth continues to provide senior homeowners with a financial resource they can use to support their needs during their retirement years when income is dependent on Social Security, investment assets, and pensions,” NRMLA President and CEO Peter Bell said in a statement. “The positive trend is also reassuring for homeowners nearing retirement age who are less likely than their predecessors to leave the workplace with a defined benefit plan and also more likely to have long-term debt.”
“The upward trajectory of the RMMI tells us that housing wealth continues to provide senior homeowners with a financial resource they can use to support their needs during their retirement years when income is dependent on Social Security, investment assets, and pensions,” NRMLA President and CEO Peter Bell said in a statement. “The positive trend is also reassuring for homeowners nearing retirement age who are less likely than their predecessors to leave the workplace with a defined benefit plan and also more likely to have long-term debt.”
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