“Older adults’ home equity exceeds $11.12 trillion in first quarter: report”

“Older adults’ home equity exceeds $11.12 trillion in first quarter: report,” by Kathleen Steele Galvin, McKnight’s Senior Living

Quote:

“Homeowners aged 62 or more years increased their home equity by the first quarter of 2022 by 4.9%, to a record $11.12 trillion, from the fourth quarter of 2021, according to the latest quarterly release from the National Reverse Mortgage Lenders Association, published Tuesday. That’s a difference of $520 billion. … Some older adults are using reverse mortgages to finance their moves to senior living communities.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Expect senior home equity to decline as the housing recession continues, but to remain a critical source of LTC financing when the broader economic recession takes its toll on public funding programs.