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U.S. Seniors Achieve Highest Home Equity Since 2008 Crash

Reverse mortgage group tracking shows seniors paying off more of home equity

senior couple standing in front of their homeSept. 30, 2014 - Americans 62 years old and older now have more equity in their homes than at any time since early 2008, according to a quarterly measurement by the National Reverse Mortgage Lenders Association (NRMLA). The NRMLA’s quarterly measure that analyzes trends in home values, home equity, and mortgage debt of homeowners 62 and older, has reached 178.91, its highest level since Q4 2007.

This RiskSpan Reverse Mortgage Market Index (RMMI) is updated quarterly and began in 2000.

The RMMI tracking shows collective home equity of Americans 62 and older has grown by more than 22 percent since Q2 was the largest quarterly increase in equity since Q3 2005. The households of American seniors now have paid 77 percent of equity in their homes.

Mortgage debt held by Americans 62 and older stands at $1.08 trillion, a figure which has held steady over the past three quarters. Senior mortgage debt peaked at $1.143 trillion in the fourth quarter of 2009.

In the second quarter of 2014, the RMMI reached 178.91. The index has risen for nine consecutive quarters.  The senior housing value estimate is based on the Federal Housing Finance Agency’s Q2 2014 all-transactions Indices.

Reverse Mortgage Market Index

Quarter

Sr. home Value ($T)

Senior Mortgage Debt ($T)

Sr. home Equity ($T)

RMMI

Quarterly Change

2012-Q1

4.12

1.09

3.03

144.98

-0.55%

2012-Q2

4.12

1.09

3.04

145.47

0.34%

2012-Q3

4.19

1.08

3.12

149.24

2.59%

2012-Q4

4.25

1.08

3.18

152.09

1.91%

2013-Q1

4.31

1.07

3.23

154.84

1.81%

2013-Q2

4.41

1.07

3.34

160.06

3.37%

2013-Q3

4.54

1.08

3.46

165.76

3.56%

2013-Q4

4.62

1.08

3.54

169.76

2.41%

2014-Q1

4.68

1.08

3.60

172.67

1.73%

2014-Q2

4.81

1.08

3.73

178.91

3.47%

Prepared by RiskSpan, Inc.; Data sources: American Community Survey, Census, FHFA, Federal Reserve


About Reverse Mortgages

Reverse mortgages are available to homeowners 62 years old and older with significant home equity. They are designed to enable retirees to borrow against the equity in their homes without having to make monthly payments as is required with a traditional "forward" mortgage or home equity loan. 

Under a reverse mortgage, funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells, or passes away. Borrowers may draw down funds as a lump sum at loan origination, establish a line of credit or request fixed monthly payments for as long as they continue to live in the home. 

 

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To date, more than 870,000 senior households have utilized an FHA-insured reverse mortgage.  More than 575,000 senior households are currently using a reverse mortgage to help meet their financial needs. 

About the National Reverse Mortgage Lenders Association

The National Reverse Mortgage Lenders Association (NRMLA) reports it is a membership organization comprised of more than 300 companies and more than 1,400 people participating in the reverse mortgage industry.  With a membership responsible for more than 90 percent of reverse mortgage transactions in the United States, NRMLA serves as the national voice for the industry. 

It serves as an educational resource, policy advocate and public affairs center for lenders and related professionals. NRMLA was established in 1997 to enhance the professionalism of the reverse mortgage business.  All NRMLA member companies commit themselves to our Code of Ethics & Professional Responsibility. For more information, visit www.ReverseMortgage.org

 

 

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