Homeowners ages 62 and older saw their housing wealth grow by 1.95% or $226 billion in the third quarter of 2022, reaching a record $11.81 trillion, according to the latest quarterly release of the National Reverse Mortgage Lenders Association (NRMLA)/RiskSpan Reverse Mortgage Market Index report.
This index rose in the third quarter to 413.22, an all-time high since the index was first published in 2000. The 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.
“Multiple studies published over the past couple of years highlight the challenges faced by women to save for retirement because of competing priorities, such as caring for children or an aging parent or relative,” said NRMLA President Steve Irwin. “Nevertheless, they own a substantial asset, their home. Therefore, when meeting with a financial planner, or other trusted advisor, it’s very important to consider home equity as a strategic asset that can be used to help enhance retirement security.”
