Seniors’ Housing Wealth Hits New High
June 24, 2019
Homeowners ages 62 and older recorded a first quarter increase in their using wealth grow by 2.7 percent or $104 billion, to a record $7.14 trillion over the fourth quarter of 2018, according to the National Reverse Mortgage Lenders Association (NRMLA)/RiskSpan Reverse Mortgage Market Index (RMMI).
During the first quarter, the RMMI rose to 257.12, setting a new record high in its 19-year history. NRMLA attributed the first quarter performance to an estimated 2.4 percent or $110 billion increase in the home values of seniors, including an estimated increase of 0.8 percent in the senior homeowning population, offset by a 1.1 percent or $6.5 billion increase of senior-held mortgage debt.
“Reverse mortgages have become an essential component for addressing a huge problem for many Americans—funding retirement,” said NRMLA President and CEO Peter Bell. “More than 1.12 million families have used a reverse mortgage alongside side their 401(k)s, IRAs, savings, investments, Social Security, Medicare and Medicaid to cover life’s daily expenses, so they could live more financially secure lives. As with all major financial decisions, a reverse mortgage should be part of an overall strategic plan, with input from knowledgeable professionals, and family members who may be impacted.”
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