Homeowners 62 and older saw their housing wealth grow by 1.95%, or $226 billion, in the third quarter of 2022, reaching a record high of $11.81 trillion, according to the latest quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI).
This increase in older homeowners’ wealth was mainly driven by an estimated 1.95%, or $268 billion, increase in home values, offset by a 1.93%, or $42 billion, increase in senior-held mortgage debt.
The NRMLA/RiskSpan index also reached a new all-time high in Q3 2022, rising to 413.22 since the RMMI was first published in 2000. This report reflects the growing trend of older Americans leveraging their home equity to help enhance their retirement security.