Darryl Hicks, 202-939-1784, firstname.lastname@example.org
National Reverse Mortgage Lenders Association
For Immediate Release
WASHINGTON (June 30, 2023) – 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, according to the latest quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index.
The NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) fell for a second consecutive quarter to 406.52 in Q1 2023. The decline in the RMMI 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,” said NRMLA President Steve Irwin. “More than 1.3 million families have used a reverse mortgage alongside side 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.”
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.