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Senior Housing Wealth Climbs To New Heights

Home values are on the rise for older homeowners and the numbers are shattering records. New data showed a $104 billion increase in equity levels for the 62-and-older demographic.

"That brought senior housing wealth to a record-breaking $7.14 trillion in the first quarter of the year, according to a quarterly index published by National Reverse Mortgage Lenders Association and RiskSpan," according to HousingWire.

"The record-breaking total was driven by an estimated 2.4% increase in senior home values, which combined with increase of 0.8% in the senior home-owning population, the NRMLA/RiskSpan Reverse Mortgage Market Index revealed. This figure was then offset by a 1.1% – or $6.5 billion – increase of senior-held mortgage debt."

The reverse mortgage industry has some solid numbers to back their business as home equity can now be seen as a very viable option for stable retirement. Though, experts are still cautioning folks to make sure their reverse mortgage decision is part of an overall strategic plan, according to the report.

To learn more about the rise in home equity for seniors, click on the image above.

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