Home Equity by Seniors Hits New Peak
The nation’s seniors are holding $5.83 trillion in home equity, according to new data from the National Reverse Mortgage Lenders Association (NRMLA).
The latest NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) hit a new record high during the fourth quarter of 2015 thanks to a $140.2 billion increase in the aggregate value of homes owned by seniors. The Index experienced an 8.1 percent year-over-year increase during the fourth quarter, while the equity value spiked 16 percent increase from its pre-Recession peak of $5.04 trillion during the fourth quarter of 2006.
“Significant gains in senior home equity are adding stability to the traditionally three-legged retirement funding stool of savings, social security, and pensions.” said NRMLA President and CEO Peter Bell. “For retirees leaving the workplace with a defined benefit plan, home equity is a fourth leg of the stool, available to tap when needed. For the millions of seniors without a pension, home equity is a valuable resource and can be an integral part of their retirement funding strategy.”
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