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Senior Housing Wealth Hits $7.19 Trillion

December 18, 2019

The collective housing wealth for homeowners 62 and older has increased by 0.3%, to a record $7.19 trillion for the third quarter, according to the National Reverse Mirage Lenders Association.

 

"The RMMI rose in Q3 2019 to 259.19, which marks another consecutive all-time high since the index’s original publication in 2000," according to Reverse Mortgage Daily

 

"That increase was described as being primarily driven by an estimated 0.5% (or $40.7 billion) increase in the values of homes owned by seniors."

 

The report also revealed that the cost of health care, insurance, prescription drugs and in-home care will require a larger sum of retirement assets. Reverse mortgages could become a better option in order to help provide financial relief for healthcare services in the future as costs increase.

 

"Senior housing wealth topped $7 trillion for the first time ever according to a previous RMMI data release in March 2019, before hitting a new threshold of $7.17 trillion the following October," according to RMD.

 

To learn more about the increase in senior housing wealth, click on the image above

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