Homeowners 62 and older saw their housing wealth decrease by less than one percent in the third quarter to $14.01 trillion, according to the latest quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index.
By the numbers: Senior home equity peaked at a record $14.09 trillion in Q2 2024.
- The decline in senior homeowner’s wealth was largely attributable to an estimated 0.3 percent (or $55 billion) decrease in home values and a one percent (or $22.6 billion) increase in senior-held mortgage debt.
What they’re saying: “While most homeowners use a reverse mortgage to help pay for everyday living expenses or for home modifications to help them age in place, what they may not realize is that this product can also be used to purchase a new home that better fits their needs—without taking on a new mortgage payment,” said NRMLA President Steve Irwin. “As we kick off a new year, now may be the perfect time to consider the various finance options offered by reverse mortgage products.”