Senior Home Equity Totals $11.62T in Q1 2023 The continued slowdown in the U.S. housing market is impacting home equity levels. According to the latest quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) published in late June, homeowners 62 and older saw their housing wealth fall by 1.7 percent, or $196 billion, in the first quarter of 2023 to $11.62 trillion. The NRMLA/RMMI fell for a second consecutive quarter to 406.52 in Q1 2023. The decline in the index can be attributed to several factors but primarily a decline in senior home values, which fell 1.3 percent, or $185 billion. “Regardless of these latest numbers, reverse mortgages remain an essential component for addressing a huge problem for many Americans: funding retirement,” says NRMLA President Steve Irwin. “More than 1.3 million families have used a reverse mortgage alongside their 401(k)s, IRAs, savings, investments, Social Security, Medicare and Medicaid to cover life’s daily expenses so they can live more financially secure lives. As with all major financial decisions, a reverse mortgage should be part of an overall strategic plan, with input from knowledgeable professionals and family members who may be impacted.” A Roundup of Issues and News for NRMLA Members By Darryl Hicks Darryl Hicks Hey, Members Hey, Members continued on page 8 6 REVERSE MORTGAGE / SEPTEMBER–OCTOBER 2023
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