Homeowners aged 62 and older have seen their collective home equity increase by approximately $600 billion in Q2 2024, reaching a total of $14 trillion.
Housing wealth is a critical, yet underused resource that can enhance financial security for older Americans, emphasizing its importance in retirement planning.
The RMMI showed an estimated 3.97% increase in senior home values, highlighting how older homeowners significantly benefited from the housing market's growth during the COVID-19 pandemic.
NRMLA's President stated that older homeowners should consider leveraging their home equity as it can contribute to covering day-to-day living expenses and future care needs.
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