WASHINGTON– Homeowners 62 and older saw their housing wealth grow by 0.5 percent or $32 billion in the second quarter to a record $7.17 trillion from Q1 2019, the National Reverse Mortgage Lenders Association reported in its quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index.
The RMMI rose in Q2 2019 to 258.44, another all-time high since the index was first published in 2000. The increase in senior homeowners’ wealth was mainly driven by an estimated 0.5 percent or $47 billion increase in senior home values, offset by a 0.9 percent or $14.6 billion increase of senior-held mortgage debt.
“Many retired and soon-to be-retired Americans lack the financial assets for a comfortable retirement, yet the most commonly held and valuable asset for most of them is their home,” said NRMLA’s Executive Vice President Steve Irwin. “Responsible use of home equity may be the best option that ensures they have food, medicine and other basics for a comfortable retirement.”
