Senior Home Equity Increases in 4Q
Data released by NRMLA shows senior home equity increased by $30 billion in the fourth quarter of 2011. Seniors have $3.22 trillion in home equity available, according to the most recent NRMLA/Risk Span Reverse Mortgage Market Index (RMMI) report.
“Our nation’s demographic and economic trends suggest that the reverse mortgage market will continue to grow. This data further validates that reverse mortgages are a fundamental tool to help fund longevity at a time when many Americans might face limited options,” says Peter Bell, President and CEO of NRMLA.
The NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) showed continued stabilization in the fourth quarter of 2011, increasing to 153.48, up 0.9% from the 3rd quarter. The increase was driven by increases in senior housing values (up 0.6%) and a drop in mortgage debt (down 0.3%). Senior mortgage debt levels fell for the 11th straight quarter to $1.01 trillion, leaving seniors with $3.22 trillion in equity.
To view the press release, click here.