Seniors’ home equity tops record $10.1 trillion
The NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) rose in the third quarter of 2021 to 356.37, another all-time high since the index was first published in 2000. The increase in the wealth of senior homeowners has was mainly due to about 3.7% or $440 billion increase in home values, offset by 2.2% or $44 billion increase in first mortgage debt.
“One of the biggest fears of workers and retirees is running out of money in retirement and having to subsist solely on social security,” said Steve Irwin, president of the NRMLA. “That’s why real estate wealth should be considered along with other financial assets when developing a comprehensive retirement plan.”
About Reverse Mortgages
Reverse mortgages are available to homeowners age 62 and older who have significant equity in their property. It’s a versatile financial tool that seniors can use to borrow against their home’s equity without having to make monthly principal or interest payments like with a traditional “term” mortgage or loan. on home equity. In a reverse mortgage, funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower vacates, sells, or dies.
To date, more than 1.21 million households have used an FHA-insured reverse mortgage to meet their financial needs. For more information, please visit www.ReverseMortgage.org
About the National Association of Reverse Mortgages
The National Reverse Mortgage Lenders Association (NRMLA) is the national voice of the industry and represents the lenders, loan servicers and housing counseling agencies responsible for over 90% of reverse mortgage transactions in the United States. All NRMLA member companies are committed to a code of ethics and professional responsibility. Learn more at www.nrmlaonline.org.
About RiskSpan, Inc.
RiskSpan offers end-to-end solutions for data management, risk management analysis, and visualization on a highly secure, fast, and fully scalable platform that has earned the trust of leading companies in the industry. Combining the strength of subject matter experts, quantitative analysts and technologists, the RiskSpan platform integrates a range of datasets – including structured and unstructured analytical tools – and is ready for you to use. deliver powerful insights and competitive advantage. For more information, visit www.riskspan.com.
Darryl Hicks, 202-939-1784, [email protected]
National Association of Reverse Mortgage Lenders
SOURCE National Association of Reverse Mortgage Lenders