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.