Reverse Mortgage Market Currently at $4.3 Trillion
Greetings on this 4th of July. I received this great press release in my inbox and wanted to share. Enjoy the holiday!
WASHINGTON, June 28 /PRNewswire/ — Americans age 62 or older hold an estimated $4.3 trillion of home equity according to the NRMLA/Hollister Reverse Mortgage Market Index (RMMI). Although the reverse mortgage industry has seen tremendous growth in the last five years, only a little more than 300,000 reverse mortgages have been originated in its short history, representing less than 1% market penetration.
The index, launched today by the National Reverse Mortgage Lenders Association (NRMLA) and The Hollister Group is the first market indicator to collect critical market, housing and demographic data, and to track and project the market for reverse mortgages.
In the first quarter 2007 alone, there was a $19 billion increase in senior home equity. This increase was reflected in a 0.4% increase in the RMMI to 205.6 from 204.7 in the prior quarter. The index will reflect the current value of (more…)
Written by charles dennis on July 4th, 2007 with no comments.
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