According to the RMMI report, senior-held equity decreased from $14.09 trillion to $14.01 trillion in just one quarter, driven by a 0.3% decline in home values and a 1% rise in mortgages.
Steve Irwin, NRMLA President, emphasized that housing wealth is a vital yet often overlooked asset for seniors. He advocated for older homeowners to consider leveraging their home equity for retirement.
The report contrasts with Freddie Mac’s findings, which suggested that baby boomers hold approximately $17 trillion in home equity, highlighting a significant generational wealth transfer ahead.
The majority of seniors surveyed, regardless of background, showed intent to pass on their housing wealth to their heirs, underscoring the ongoing importance of home equity in family financial planning.
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