Contact:
Darryl Hicks, 202-939-1784, dhicks@dworbell.com
National Reverse Mortgage Lenders Association
For Immediate Release:
WASHINGTON (June 28, 2024) – Homeowners 62 and older saw their housing wealth increase by $328.5 billion in the first quarter to $13.19 trillion, according to the latest quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index.
The NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) recovered in Q1 2024, rising from 449.79 to 461.28.
Senior home values increased to an all-time high of $15.5 trillion in Q124, while senior mortgage debt increased by $10.2 billion to $2.35 trillion.
“The FHA Home Equity Conversion Mortgage, which more than 1.3 million people have used to supplement retirement savings and to age in place, enables older homeowners to convert their housing wealth into a liquid asset safely and sustainably,” said NRMLA President Steve Irwin. “Reverse mortgages support everyday expenses, home downsizing or modification for better senior living, caregiving and uncovered healthcare, health emergencies, drug expenses, adult children’s needs, transportation, and participation in organizations and activities that enable older adults to sustain social engagement and avoid loneliness.”
About Reverse Mortgages
Reverse mortgages are available to homeowners who are 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 1.3 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.
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