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Homeowners ages 62 and older experienced a 1.4 percent increase in their housing wealth, or $97 billion, during the third quarter, totaling $6.97 trillion, according to the National Reverse Mortgage Lenders Association (NRMLA)/RiskSpan Reverse Mortgage Market Index (RMMI).
During the third quarter, the RMMI rose to 251.57, another all-time high since the index was first published in 2000. The new peak was attributed to the estimated 1.3 percent, or $115 billion, increase in senior home values and was offset by a 1.1 percent, or $17.4 billion, increase of senior-held mortgage debt.
“At a time when we’re seeing stock market volatility and the potential for a mild recession in the near future, it’s the perfect time for families to gather and take stock of their retirement resources and make necessary adjustments to ensure continued financial security,” said Peter Bell, President and CEO of NRMLA. “Housing wealth should be considered with other financial assets.”
