Seniors' Housing Wealth Up in Q3

Dec 21, 2017

The Mortgage Bankers Association (MBA) took on the challenge of updating federal housing policy again with the release of the new white paper

Homeowners ages 62 and older saw their housing wealth grew to $6.5 trillion in the third quarter, a 1.9 percent increase from the $121 billion level of the second quarter, according to the National Reverse Mortgage Lenders Association (NRMLA).

“Housing wealth continues to be a reliable source of economic security for retirement-aged adults,” said NRMLA President and CEO Peter Bell. “This is as true for people who want to stay in their own homes as it is for those who are ready to sell their property in order to access the equity they have built up over time.”

According to the NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI), the third quarter gains were the result of an estimated 1.7 percent, or $137 billion, improvement in housing values, which were offset by a $15.9 billion increase in senior-held mortgage debt. The RMMI, a quarterly measurement of home equity held by older homeowners, rose to 233.8, a new peak for 17-year-old index.

About the author

Phil Hall

Link copied

Published

Dec 21, 2017

Analysis and Data

Mortgage Rates Surpass 7% For First Time This Year

Freddie Mac reported the 30-year fixed-rate mortgage averaged 7.10%.

Freddie Mac today released its Primary Mortgage Market Survey, revealing the 30-year fixed-rate mortgage (FRM) averaged 7.10%, breaching the 7% threshold for the first time this year. “The 30-year fixed-rate mortgage surpassed 7% for the first time this year, jumping from...

Analysis and Data

Existing Home Sales Decline By 4.3% In March

Northeast the only region to see an uptick in sales over prior month, per a new report from the National Association of Realtors

Fewer people bought homes this March than the month before and during March 2023, a new report from the National Association of Realtors (NAR) reveals. Total existing-home sales receded 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March. Year...