“Older adults’ housing wealth hits new record at $11.81 trillion,” by Kathleen Steele Galvin, McKnight’s Senior Living

Quote:

“Homeowners aged 62 or more years saw their collective housing wealth grow by 1.95%, or $226 billion, in the third quarter of 2022, according to the latest quarterly data from the Reverse Mortgage Market Index / RiskSpan Reverse Mortgage Market Index. At $11.81 trillion, the NRMLA/RiskSpan Reverse Mortgage Market Index has reached an all-time high since the index was first was published in 2000. Previously, the McKnight’s Business Daily reported that seniors 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.”

 

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

Good to know, but I reckon the index is well below that all-time high now due to recently plummeting property values.