NRMLA report reveals another record-breaking quarter
Senior home equity topped $9.5 trillion in the second quarter, according to the latest NRMLA/RiskSpan Reverse Mortgage Market Index released Friday.
Homeowners 62 and older gained $339 billion in housing wealth – up by 3.7% from Q1 to an all-time high of $9.57 trillion in Q2.
According to National Reverse Mortgage Lenders Association, the gain in older homeowners’ wealth was driven by an estimated 3.4%, or $381 billion, increase in home values. But this was offset by a 2.2%, or $42 billion, jump in senior-held mortgage debt.
“As the holidays approach, it’s the perfect time for families to gather and take stock of their retirement resources and make necessary adjustments to ensure the continued financial security,” said NRMLA president Steve Irwin. “Housing wealth should be considered with other financial assets when developing a comprehensive retirement plan.”