According to the latest quarterly release of the National Reverse Mortgage Lenders Association (NRMLA)/RiskSpan Reverse Mortgage Market Index [1], homeowners 62 and older saw their housing wealth grow by nearly 2% (1.95%) or $226 billion in Q3 to a record $11.81 trillion from Q2 2022.
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% or $42 billion increase in senior-held mortgage debt.
"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," said NRMLA President Steve Irwin. "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."
To read the full report, including more data and methodology, click here [1].