According to the latest quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index, housing wealth among homeowners 62 and older increased by more than $600 billion in the second quarter to a record $14 trillion.
By the numbers: Growth in senior homeowner’s wealth was largely attributable to an estimated 3.97 percent (or $624.6 billion) increase in senior home values, offset by a modest 0.89 percent (or $20.9 billion) increase in senior-held mortgage debt.
What they’re saying: “Given today’s announcement from the Social Security Administration that Social Security payments will increase on average by just $48 in 2025, the latest RMMI is welcome news for many older homeowners who could benefit from using the equity in their homes to cover unexpected retirement costs,” says NRMLA President Steve Irwin.