New Data Shows Equity Levels are Still on the Rise
A recent report revealed that untapped home equity in the U.S. is still on the rise. Data provided by CoreLogic is reinforcing the sentiment with strong numbers for year-over-year gains.
"A pair of reports released this month show that the recent trend continues unabated, with real estate analysis firm CoreLogic reporting a 13.3% year-over-year gain among all Americans with mortgaged homes and the National Reverse Mortgage Lenders Association finding a 1.9% increase in home equity for seniors aged 62 and older," according to Reverse Mortgage Daily.
NRMLA executive vice president Steve Irwin believes that the numbers translate to the idea that retirees or near-retirees are in fear of spending all of their money before the pass on, according to the report.
Irwin stated that the drive for homeowners over the age of 62 to tap into equity comes from the ability for that extra money to help support them as they continue to age. The ability to tap into home equity has grown as home-price growth has taken off in the past couple of months.
To learn more about the rise in home equity levels, click on the image above.
