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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.