Seniors' Home Equity Hits A Whopping $6.5 Trillion
A recent report showed that seniors' home equity hit an incredible $6.5 trillion. The report was conducted by the National Reverse Mortgage Lenders Association which grabbed its estimate from American homeowners ages 62 and older.
“Housing wealth continues to be a reliable source of economic security for retirement-aged adults,” NRMLA president and CEO Peter Bell said in a statement announcing the results, according to Reverse Mortgage Daily.
“This is as true for people who want to stay in their own homes as it is for those who are ready to sell their property in order to access the equity they have built up over time.”
According to a RiskSpan analysis, the new high is a $121 billion leap from the previous quarter.
To learn more about this incredible spike and what it means for the future of reverse mortgages, click on the image above.
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