he NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) rose to another all-time high of 203.20 in Q4 2015, up from a revised 198.53 in Q3. The fourth quarter of 2015 was the 8th consecutive quarter in which the index set a new high and 19th consecutive quarter in which senior home equity levels have risen. The current estimate of $5.83 trillion for the aggregate value of senior home equity represents a 64% recovery from the post-Recession trough in Q1 2009, when senior equity levels had fallen to an estimated $3.57 trillion. The Q4 senior equity value also represents a 16% increase from the pre-Recession peak, when senior equity levels hit an estimated $5.04 trillion in Q4 2006. On a quarter-over-quarter basis, the index rose 2.4% in the fourth quarter, as senior home equity increased by $134.0 billion. The increase in senior home equity relative to the third quarter was driven by an estimated $140.2 billion increase in the aggregate value of senior housing, which was offset by a $6.2 billion increase in senior-held mortgage debt. On a year-over-year basis, the index increased 8.1% in 2015, compared to an increase of 7.8% in 2014 and 17.5% in 2013.
The RMMI in Q3 2015 was revised from 200.19 to 198.53 primarily due to the updated total housing value from Federal Reserve's Z.1 release of historical data on March 10, 2016.
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