WASHINGTON, D.C. – October 7, 2014 – (RealEstateRama) — The NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI), a quarterly measure that analyzes trends in home values, home equity, and mortgage debt held by homeowners 62 and older, reached 178.91 during the second quarter of 2014, its highest level since Q4 2007.
The RMMI is updated quarterly and tracks back to the start of 2000.
Reverse mortgage eligible homeowners now have more equity in their homes than at any time since early 2008. Home equity held by persons 62 and older has grown by more than 22 percent since Q2 2012 to a total of $3.73 trillion. The $125.2 billion increase in senior home equity in the second quarter was the largest quarterly increase since Q3 2005.
Mortgage debt held by older homeowners stands at $1.08 trillion, a figure which has held steady over the past three quarters. Debt levels peaked at $1.143 trillion in the fourth quarter of 2009.
The RMMI has now risen for nine consecutive quarters. To read the full press release, please click here