The Reverse Mortgage Market Index (RMMI) reported a $328.5 billion rise in home equity for homeowners aged 62 and older in Q1 2024, totaling $13.19 trillion.
Senior home values hit a record high of $15.5 trillion in Q1, with senior-held mortgage debt also increasing to $2.35 trillion. The Federal Housing Administration's Home Equity Conversion Mortgage supports older homeowners in converting housing wealth into a liquid asset safely, benefiting over 1.3 million users.
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