Senior citizens are rocking the home equity department! Roughly $140.2 billion increase in the aggregate value of senior citizen owned homes is resulting in equities of $5.83 trillion and fueled the NRMLA/RiskSpan Reverse Mortgage Index to the highest of its high in the fourth quarter of 2015 from the third quarter's 198.53.
On a year-over-year basis, The National Reverse Mortgage Lenders Association reported an index increase of 8.1 percent in 2015 and 2014 reflected an increase of 7.8 percent while 2013 came in at 17.5 percent.
Savings, social security, and pensions are now being stabilized by these significant gains in senior home equity. Home equity is proving to be a valuable source of income for millions of seniors who do not have pensions and is quickly becoming a pivotal portion of new retirement funding strategies.
A 16 percent increase from the pre-recession peak is represented in the fourth quarter when senior equity levels were estimated at $5.04 trillion in the fourth quarter of 2006. The RiskSpan Reverse Mortgage Market Index in the third quarter of 2015 was changed to 198.53 from 200.19 due to the Federal Reserve's Z.1 updated total housing value release of historical data on March 10, 2016.
If you'd like to learn more about how to establish home equity and pre verses post recession housing market trends, please don't hesitate to message Lang Premier Properties online or call us at 1-855-526-4466.