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Senior Housing Wealth Surpasses $8.05 Trillion

Apr 05, 2021
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Director of Events

The National Reverse Mortgage Lenders Association reported that homeowners 62 and older saw their housing wealth grow by 3% in the fourth quarter to a record $8.05 trillion.

The report, conducted in conjunction with RiskSpan Reverse Mortgage Market Index, attributed to the increase in senior housing wealth to an estimated 2.7% or $261 billion increase in senior home values, offset by a 1.5% or $27 billion increase in senior-held mortgage debt.

"Reverse mortgages provide a strategic retirement option for older homeowners of all income levels," says NRMLA president Steve Irwin. "Reverse mortgages allow people to pay for in-home care and other services that allow them to age in place or provide an alternative to selling retirement assets after a market downturn. While a reverse mortgage isn't for everyone, it can provide the financial security that many people are looking for in retirement."

Additionally, the report revealed that year-over-year, the RMMI increased by 8.3% in 2020, compared to 5.4% in 2019 and 6.3% in 2018, mainly driven by higher home price appreciation.

NRMLA and RiskSpan Senior Home Equity Graph

About the author
Director of Events
Navi Persaud is Director of Events at NMP.
Published
Apr 05, 2021
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