The reports are in and seniors' home equity had a big fourth quarter with $149B in growth in 2017.
"Homeowners aged 62 and older saw their home equity rise by $149 billion between the third and fourth quarters of last year, according to the most recent Reverse Mortgage Market Index (RMMI) report," according to Reverse Mortgage Daily.
"The index, calculated by the National Reverse Mortgage Lenders Association and the Arlington, Va.-based analytics firm RiskSpan, also reached a record high of 238.11 in the final three months of 2017."
According to the report, exports believe that more retirees are still paying off mortgages and various debts. This makes it very useful for some folks to explore reverse mortgages as an option that will help pay off some of the accrued debt.
“Ultimately, reverse mortgages can present a viable option to help eligible individuals with limited income use the accumulated wealth in their homes to cover basic monthly living expenses, ensuring that their savings will last longer into retirement,” American Financing noted, according to the report.
To learn more about this report, click on the image above.