Senior Home Equity Levels Fall Slightly to $12.39 Trillion After experiencing phenomenal growth over the past decade, housing markets nationwide are cooling down. As a result, homeowners 62 and older saw their housing wealth fall slightly in the fourth quarter of 2022 to an adjusted level of $12.39 trillion, according to the NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) published on April 25. The NRMLA/RMMI decreased slightly in Q4 2022 to 433.25, from a recalibrated level of 434.32 in Q3 2022. This is the first drop the index has seen since 2011. (The recalibration came about after RiskSpan updated prior quarterly home equity levels due to changes in the Federal Reserve data it uses.) The key takeaway is that older homeowners are still sitting on $12.39 trillion in housing wealth that can be used strategically as part of a retirement plan to enhance retirement security. Census: Disasters Displaced 646,443 Older Americans in 2022 Fires, tornadoes, hurricanes and other natural disasters are occurring with greater frequency, which has led the U.S. Census Bureau to start collecting data to better analyze the impact they’re having on homeowners. According to the latest statistics, an estimated 3.4 million adults, including 646,443 individuals age 65 and older, were forced to evacuate their homes in the past year because of a natural disaster. Hurricanes accounted for most of the displacements for older adults (405,440) followed by floods (117,900), fires (91,699), tornados (70,673) and “other” (124,271). Most displacements were short term, according to the Census Bureau, which reports that 32 percent of individuals age 65 and older returned home within a week of evacuating. However, 24.8 percent of the survey takers reported that they never returned home. Hey, Members Change lives and make retirement better for seniors. Our accurate and thorough closing process provides peace of mind for lenders and mortgage brokers. AllegiantReverse.com Toll Free: 844.808.8299 Reverse Done Right. Experienced Professionals Matched to Your Needs National Title and Settlement Services Hassle Free Assistance and Training GFE Fee Calculator 24 Month Tax History Property & Demographic Profiles REVERSE MORTGAGE / JULY–AUGUST 2023 9
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