Homeowners 62 and older saw their housing wealth grow by 0.5 percent or $39 billion in the fourth quarter to a record $7.23 trillion from Q3 2019, the National Reverse Mortgage Lenders Association (NRMLA)
reported in its quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index.
The RMMI rose in Q4 2019 to 260.52, another all-time high since the index was first published in 2000. The increase in senior homeowners’ wealth was mainly driven by an estimated 0.6 percent or $55 billion increase in home values, offset by a one percent or $16.6 billion increase of senior-held mortgage debt.
“The responsible use of home equity may be an option to help seniors stay financially secure during the current market disruptions,” said NRMLA President Steve Irwin.