Homeowners 62 and older saw their housing wealth grow by 1.4%, or $97 billion, in the third quarter to $6.97 trillion from Q2 2018, the National Reverse Mortgage Lenders Association reported in its quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index.
The RMMI rose in Q3 2018 to 251.57, another all-time high since the index was first published in 2000. The increase in senior homeowner's wealth was mainly driven by an estimated 1.3 % or $115 billion increase in senior home values and offset by a 1.1% 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."
