Senior Home Equity Exceeds Record $11.58 Trillion Homeowners ages 62 and older saw their housing wealth grow by 4.10 percent, or $456 billion, in Q2 2022 to a record $11.58 trillion from Q1 2022, according to the October 7 quarterly release of the NRMLA/ RiskSpan Reverse Mortgage Market Index (RMMI). The NRMLA/RMMI rose in Q2 2022 to 405.23, another all-time high since the index was first published in 2000. The increase in older homeowners’ wealth was mainly driven by an estimated 3.82 percent, or $506 billion, increase in home values, offset by a 2.36 percent, or $50 billion, increase in senior-held mortgage debt. “With the stock market volatility and the potential for a recession, it’s the perfect time for families to take stock of their retirement resources and make necessary adjustments to ensure continued financial security,” says NRMLA President Steve Irwin. “Housing wealth should be considered with other financial assets.” Social Security Announces 8.7 Percent Benefit Increase for 2023 Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase by 8.7 percent in 2023, the Social Security Administration announced on October 13. On average, Social Security benefits will increase by more than $140 per month starting in January. The 8.7 percent cost-of-living adjustment—the largest in 40 years—begins with benefits payable to People are talking about ... What’s News EVERYTHING NEW YOU NEED TO KNOW 6 REVERSE MORTGAGE / JANUARY–FEBRUARY 2023
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