Homeowners 62 and older saw their housing wealth grow by 1.95 percent or $226 billion in the third quarter to a record $11.81 trillion from Q2 2022, according to the latest quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index.
The NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) rose in Q3 2022 to 413.22, another all-time high since the index was first published in 2000. The increase in older homeowners’ wealth was mainly driven by an estimated 1.95 percent or $268 billion increase in home values, offset by a 1.93 percent or $42 billion increase in senior-held mortgage debt.
NRMLA President Steve Irwin, said: “Multiple studies published over the past couple of years highlight the challenges faced by women to save for retirement because of competing priorities, such as caring for children or an aging parent or relative. Nevertheless, they own a substantial asset, their home. Therefore, when meeting with a financial planner, or other trusted advisor, it’s very important to consider home equity as a strategic asset that can be used to help enhance retirement security.”