WASHINGTON, June 24, 2019 /PRNewswire/ -- Homeowners 62
and older saw their housing wealth grow by 2.7 percent or
$104 billion in the first quarter to
a record $7.14 trillion from Q4 2018,
the National Reverse Mortgage Lenders Association reported today in
its quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market
Index.
The RMMI rose in Q1 2019 to 257.12, another all-time high since
the index was first published in 2000. The increase in senior
homeowners' wealth was mainly driven by an estimated 2.4 percent or
$110 billion increase in senior home
values, including an estimated increase of 0.8 percent in the
senior homeowning population, offset by a 1.1 percent or
$6.5 billion increase of senior-held
mortgage debt.
"Reverse mortgages have become an essential component for
addressing a huge problem for many Americans—funding retirement,"
said NRMLA President and CEO Peter
Bell. "More than 1.12 million families have used a reverse
mortgage alongside side their 401(k)s, IRAs, savings, investments,
Social Security, Medicare and Medicaid to cover life's daily
expenses, so they could live more financially secure lives. As with
all major financial decisions, a reverse mortgage should be part of
an overall strategic plan, with input from knowledgeable
professionals, and family members who may be impacted."
About Reverse Mortgages
Reverse mortgages
are available to homeowners age 62 and older with significant home
equity. They are a versatile financial tool that seniors can use to
borrow against the equity in their home without having to make
monthly principal or interest payments as with a traditional
"forward" mortgage or a home equity loan. Under a reverse
mortgage, funds are advanced to the borrower and interest accrues,
but the outstanding balance is not due until the last borrower
leaves the home, sells or passes away.
To date, more than 1.12 million households have utilized an
FHA-insured reverse mortgage to help meet their financial needs.
For more information, please visit www.ReverseMortgage.org
About the National Reverse Mortgage Lenders
Association
The National Reverse Mortgage Lenders
Association (NRMLA) is the national voice for the industry and
represents the lenders, loan servicers, and housing counseling
agencies responsible for more than 90 percent of reverse mortgage
transactions in the United States. All NRMLA member companies
commit themselves to a Code of Ethics & Professional
Responsibility. Learn more at www.nrmlaonline.org.
About RiskSpan, Inc.
RiskSpan offers end-to-end
solutions for data management, risk management analytics, and
visualization on a highly secure, fast, and fully scalable platform
that has earned the trust of the industry's largest firms.
Combining the strength of subject matter experts, quantitative
analysts, and technologists, the RiskSpan platform integrates a
range of data-sets–including both structured and unstructured–and
off-the-shelf analytical tools to provide you with powerful
insights and a competitive advantage. Learn more at
www.riskspan.com.
Contact:
Darryl Hicks,
202-939-1784, dhicks@dworbell.com
National Reverse Mortgage Lenders Association
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SOURCE National Reverse Mortgage Lenders Association