Senior citizens have more equity in their homes than at any period since the financial crisis, according to data published Monday by the National Reverse Mortgage Lenders Association.
Total equity among homeowners 62 years and older was $3.84 trillion in the third quarter, an 11% increase from a year earlier and the highest point since 2007, NRMLA said in a press release.
Additionally, mortgage debt held by seniors has remained constant for the past two years at roughly $1.08 trillion, NRMLA said. That's roughly 6% below its peak in the fourth quarter of 2009, at the height of the crisis.
The index that NRMLA uses to track a range of housing data — including home values, equity and mortgage debt — increased 3% in the third quarter, compared to a year earlier, according to the release.
