Home Equity Among Senior Citizens Reaches Record Levels
Home equity for those aged 62 or older has grown to approximately $14 trillion
Oct. 9, 2024
Image: Robert Kneschke / stock.adobe.com
Those aged 62 and older have grown their home equity to record levels.
Older homeowners who were able to buy during good market conditions have been able to build up record levels of home equity. In Q1 2024, homeowners aged 62 and older saw their housing wealth grow by $600 billion, bringing the total to $14 trillion, according to National Mortgage Professional, citing data from the National Reverse Mortgage Lenders Association. This increase was mainly driven by a 3.97% rise in home values for seniors, though it was slightly reduced by a 0.89% increase in mortgage debt held by seniors.
“Senior home equity levels reached $14 trillion for the first time, which is an impressive milestone,” NRMLA President Steve Irwin said in a statement. “Housing wealth represents a critical, yet underutilized resource, that can provide greater financial security for America’s aging population.”
