Skip to main content

American Senior Home Equity Hits Eight-Year High Point

Jan 12, 2015

The NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI), a quarterly measure which analyzes trends in the home values, home equity, and mortgage debt of homeowners 62 and older, has reached 183.87, its highest level since the third quarter of 2007. The third quarter of 2014 will mark the 10th straight quarter of RMMI growth. Americans 62 years old and older now have more equity in their homes than at any time since 2007, and senior home values increased by more than $97 billion in Q3. Collective home equity of the age group continues to grow, reaching a total of $3.84 trillion.

Nearly $1.08 trillion in mortgage debt is held by Americans 62 and older, a figure that has held relatively steady since 2012. At the peak in Q4 2009, seniors held $1.143 trillion in mortgage debt.

In the third quarter of 2014, the RMMI reached 183.87, a 2.53 percent increase from Q2 2013. The senior housing value estimate is based on the Federal Housing Finance Agency’s (FHFA) Q3 2014 all-transactions Indices.

 

About the author
Published
Jan 12, 2015
More from
Reverse
CFPB Issues Warnings On Reverse Mortgage Marketing

Says it is working with state regulators to ensure fairness in advertising and teach consumers where to go for help.

Aug 15, 2023
Movement Mortgage Expands Into Reverse Mortgage

South Carolina mortgage company hires industry vet to run the operation

Aug 02, 2023
PHH Mortgage Signs Subservicing Deal With Finance of America Reverse

PHH, a subsidiary of Ocwen Financial, says deal offers opportunity to grow its reverse subservicing portfolio.

May 05, 2023
Judge Approves Liquidation Plan For RMIT

Decision OK'd after one-day delay for reverse mortgage lender to provide additional funding information.

May 01, 2023
MISMO Recruiting For New Reverse Mortgage Group

The development work group will analyze and develop standards for reverse mortgages.

Apr 28, 2023
Objections Raised To RMIT Chapter 11 Liquidation Plan

Lack of funds, plan to cease loan servicing among issues cited.

Apr 24, 2023