RMMI: Senior Home Equity Reaches $11.12 Trillion Homeowners 62 and older saw their housing wealth grow by 4.91 percent, or $520 billion, in Q1 to a record $11.12 trillion from Q4 2021, according to the latest quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI). The NRMLA/RMMI rose in Q1 2022 to 388.83, another all-time high since the index was first published in 2000. The increase in older homeowners’ wealth was mainly driven by an estimated 4.4 percent, or $563 billion, increase in home values, offset by a 2.06 percent, or $43 billion, increase in senior-held mortgage debt. “Inflationary fears, market volatility and concerns about a possible recession have created a great deal of anxiety for America’s aging population,” NRMLA President Steve Irwin says. “Now may be an appropriate time to consider the strategic use of home equity to help improve older homeowners’ retirement security.” Telephone/Video Counseling Extended in Massachusetts Massachusetts Lt. Gov. Karyn Polito signed legislation into law on July 16 that reinstates telephone/video counseling through March 31, 2023. The last extension expired July 15. NRMLA notes that the tenacity and leadership of George Downey, CRMP, and Brett Kirkpatrick, CRMP, from Harbor Mortgage Solutions, Braintree, MA, were instrumental in getting the extension enacted. “This is great news,” Downey says. “The governor’s office approved a temporary extension to March 31, 2023, for telephone and video reverse mortgage counseling in Massachusetts effective immediately. Additionally, House Bill H.1146 is moving and, if enacted, would make the change permanent.” NRMLA President Steve Irwin adds, “NRMLA’s statelevel advocacy efforts would not be as effective without the combined efforts of members, like George and Brett, who have cultivated relationships with their local representatives over many years. We greatly appreciate these efforts, and together, we will find a solution for getting telephone and video counseling made permanent in Massachusetts.” People are talking about ... What’s News EVERYTHING NEW YOU NEED TO KNOW 8 REVERSE MORTGAGE / NOVEMBER–DECEMBER 2022
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