NRMLA: Senior Home Equity Rose In Q3 2011

Posted by Orb Staff on January 19, 2012 No Comments
Categories : Residential Mortgage

10746_dollarsignhouse NRMLA: Senior Home Equity Rose In Q3 2011 Data released by the National Reverse Mortgage Lenders Association (NRMLA) shows senior home equity increased $46 billion in the third quarter of 2011. Seniors have $3.19 trillion in home equity available, according to the latest NRMLA/Risk Span Reverse Mortgage Market Index (RMMI) report.

The RMMI also shows senior mortgage debt levels fell for the 10th straight quarter to $1.02 trillion, leaving seniors with $3.19 trillion in equity. Also during the third quarter, housing prices in 69% of the 395 metropolitan statistical areas saw quarter-over-quarter increases, sending aggregate senior housing values up 1% to $4.2 trillion.

‘This data further demonstrates that the home must be considered as part of the funding longevity equation,’ says Peter Bell, president and CEO of the NRMLA. ‘Reverse mortgages are a creative tool to help seniors better use the assets they have to safely fund retirement.’

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