Seniors who own a home are in a good place, financially that is. Homeowners 62 and older saw their housing wealth increase by 0.3 percent, or $24 billion. With that, senior housing wealth reached a total record high of $7.19 trillion, according to the National Reverse Mortgage Lenders Association. The increase resulted from a 0.5 percent increase in the value of seniors’ homes.
For the overall market, rising home prices have meant rising housing wealth for most homeowners, regardless of age, said economists at the Real Estate Forecast Summit hosted by the National Association of Realtors.