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May 08, 2008

Outstanding senior home equity remains solidMortgagePress.comNational Reverse Mortgage Lenders Association, AARP, reverse mortgages In spite of current home market lull, senior home equity is still in trillions Consistent with current market conditions, senior home equity declined by $27 billion in the fourth quarter of 2007, as measured by the National Reverse Mortgage Lenders Association/Hollister Reverse Mortgage Market Index (NRMLA/RMMI) Report. The consecutive quarter decline is attributable to the recent dip in overall home values across the nation. As senior home equity depreciation accelerated, the NRMLA/RMMI index fell to 201.9 in the fourth quarter of 2007 from a revised third quarter of 2007 level of 203.2. Despite this drop, the overall equity held by senior homeowners aged 62 years of age and older remains strong at $4.22 trillion dollars. "The long-term prospect for this market continues to be very strong, as an increasing number of baby boomers are wishing to remain in their homes and are in greater need of additional funds in their retirement years," stated Peter Bell, chief executive officer of NRMLA. "A 2005 study by the National Council on Aging estimated the potential market demand for reverse mortgages at 13.2 million older households. With such market potential, there is a prevailing long-term confidence in the reverse mortgage market." With the U.S. demographic shifting upward and statistics such as the 2006 AARP study showing that 90 percent of Americans 60 years of age and older wish to continue to stay in their home or community, reverse mortgages are increasingly seen as a positive market mechanism to accomplish this. For more information, visit www.nrmlaonline.org.
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May 08, 2008
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