Mortgage Lenders Association.
Further, the NRMLA /RiskSpan Reverse Mortgage Market Index said that the growth in housing wealth among homeowners aged 62 year and above was due to an estimated 2.6% or almost $200bn improvement in senior home values.
However, this growth was offset by a 0.6% increase in senior held mortgage debt, which was equal to $9bn.
MRMLA president and chief executive Peter Bell said in a statement, “Older adults who want to stay in their own homes as they age, and we know a majority do, may find that the house that was perfect for raising a family lacks the features to support aging in place.”
“The housing wealth our seniors have built up in their homes over the years, their home equity
, can be used to update the family house into a space for living independently and comfortably in the years to come,” he concluded.
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Home equity among the elderly rose to $6.3trn in the first quarter of 2017 from $6.13trn in Q4 of 2016, according to data from the National