Senior-held home equity saw a recent decline, dropping from a peak of $14.09 trillion in Q2 2023 to $12.84 trillion in Q4 2023, primarily due to lowered home values and increased mortgage debt. This downturn coincides with typical seasonal reductions in home sales. Despite these trends, interest in home equity financing persists, especially for long-term care, with studies suggesting that 30% of Americans might consider tapping into this asset for care needs. Year-over-year data shows overall growth in senior home equity levels, highlighting its ongoing importance.
After peaking at a high of $14.09 trillion, senior-held home equity displayed a decline with a 0.3% drop in Q3 and an additional 1% in Q4.
Despite the drop, Steve Irwin from NRMLA noted that there remains a significant interest in home equity-based financing for senior long-term care needs.
A recent study indicates that about 30% of Americans are considering leveraging their home equity to cover costs related to long-term care, reinforcing its importance.
Data from RMMI shows that despite recent fluctuations, the overall trend of senior-held home equity has increased on a year-over-year basis.
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