The equity in homes owned by those aged 62 and older hit $6.97 trillion in the third quarter.
Senior housing wealth gained $97 billion from the previous quarter as the value of seniors’ homes increased by an estimated 1.3% ($115 billion) while their mortgage debt increased 1.1% ($17.4 billion).
The figures from the National Reverse Mortgage Lenders Association were reported Tuesday in its quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index which rose in Q3 2018 to 251.57, another all-time high since the index was first published in 2000.
"At a time when we're seeing stock market volatility and the potential for a mild recession in the near future, it's the perfect time for families to gather and take stock of their retirement resources and make necessary adjustments to ensure continued financial security," said Peter Bell, President and CEO of NRMLA. "Housing wealth should be considered with other financial assets."
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