Senior Housing Wealth Continues To Smash Records

Older homeowners continue to rake in the home equity as home values appreciate across the nation, with the latest data revealing that equity levels for the 62-and-older set grew by $104 billion last quarter.
That brought senior housing wealth to a record-breaking $7.14 trillion in the first quarter of the year, according to a quarterly index published by National Reverse Mortgage Lenders Association and RiskSpan.
The record-breaking total was driven by an estimated 2.4% increase in senior home values, which combined with increase of 0.8% in the senior home-owning population, the NRMLA/RiskSpan Reverse Mortgage Market Index revealed. This figure was then offset by a 1.1% – or $6.5 billion – increase of senior-held mortgage debt.
NRMLA President and CEO Peter Bell said this immense source of wealth highlights the role home equity could play in creating a stable retirement for older Americans.

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