According to the National Reverse Mortgage Lenders Association (NRMLA), senior homeowners over the age of 62 saw their housing wealth grow by an average of 3.7% or $339 billion in the second quarter alone, bringing their market share to a record $9.57 trillion from Q1.
According to study by the NRMLA using their RiskSpan Reverse Mortgage Market Index dataset, the increase in older homeowners' wealth was mainly driven by an estimated 3.4% or $381 billion increase in home values, offset by a 2.2% or $42 billion increase in senior-held mortgage debt.
"As the holidays approach, 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 Steve Irwin [1], President of NRMLA. "Housing wealth should be considered with other financial assets when developing a comprehensive retirement plan."
