What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Conquering the Mortgage Lender’s Dilemmas

This webinar provides a roadmap for creating a sophisticated, digital-first cost improvement strategy to maximize profits by reducing high processing environments.

HW's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Mortgage

Seniors now have a collective $7 trillion in home equity

Housing wealth among the senior set reaches record levels

Housing wealth for homeowners 62 and older continues to grow at a steady clip, reaching a record $7.05 trillion in the fourth quarter of 2018.

According to the National Reverse Mortgage Lenders Association, the NRMLA/RiskSpan Reverse Mortgage Market Index revealed that housing wealth for the senior set grew 1.4% in the last quarter.

The index rose to 254.10 in Q4 – the highest level since it was established in 2000.

NRMLA said the increase was largely driven by an uptick in senior home values, which rose an estimated 1.3%, and that the growth was offset by a 0.7% increase in senior-held mortgage debt.

Year over year, the index revealed that senior housing wealth grew 6.5% in Q4 2018. This is less than the 8.4% annual rate of growth seen in 2017, and the 8.2% annual growth in 2016, which NRMLA attributes to a nationwide slowdown in home price appreciation.

“Despite slower home price appreciation, we ended 2018 on a high note. The RMMI increased for the 31st consecutive quarter, there are now 23.9 million senior homeowners – the highest number ever – and these homeowners hold a record $7.05 trillion in home equity,” said NRMLA Executive VP Steve Irwin. “For many retirees, a reverse mortgage offers the perfect solution to extract this home equity and put it to good use, so that they can live more financially secure lives.”

Most Popular Articles

Josh Team out as Keller Williams president

Josh Team is out at Keller Williams, not long after he received what appeared to be a promotion. He announced his resignation on Facebook.

Feb 22, 2021 By

Latest Articles

How 2020 exposed a greater need for collaboration between real estate agents and LOs

Technology has given consumers the power of choice and expedited the entire real estate purchasing process. Successful agents, brokerages and loan officers of the future are going to rely significantly on technology to find, nurture and engage with buyers and sellers while also playing an expanding role as personal advisors.

Feb 24, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please