Senior Home Equity Exceeds Record $11.81 Trillion When NRMLA was in its infancy and looking for ways to generate media coverage for the reverse mortgage industry, we all agreed that journalists love data. The bigger and more intriguing the number, the better. That led us to RiskSpan, a data analytics firm based in Northern Virginia that helped us create the Reverse Mortgage Market Index (RMMI), a quarterly number that measured home equity held by homeowners who could qualify for a reverse mortgage. With the exception of the Great Recession from 2007 to 2008, the RMMI has steadily increased over time. On January 13, NRMLA announced that senior home equity had grown by 1.95 percent, or $226 billion, in the third quarter of 2022 to a record $11.81 trillion. The RMMI rose in Q3 2022 to 413.22, another all-time high since the index was first published in 2000. The increase in older homeowners’ wealth was mainly driven by an estimated 1.95 percent, or $268 billion, increase in home values, offset by a 1.93 percent, or $42 billion, increase in senior-held mortgage debt. Hey, Members A Roundup of Issues and News for NRMLA Members By Darryl Hicks Darryl Hicks 8 REVERSE MORTGAGE / MAY–JUNE 2023
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