The NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) rose in Q3 2014 by 2.5% to 183.87, its highest level since Q3 2007. The $94.6 billion increase in senior home equity in the third quarter was driven by an estimated $97.8 billion increase in the aggregate value of senior housing offset by a $3.2 billion increase in mortgage debt held by seniors. The third quarter of 2014 was the tenth consecutive quarter in which the index has risen, and the $3.84 trillion estimated aggregate value of home equity owned by seniors eligible for reverse mortgages is now just 4% below its peak level of $4.0 trillion in Q4 2006. The current levels represent a 30% recovery since the post-Recession trough reached in Q2 2011, when seniors equity levels had fallen to an estimated $3.0 trillion. The senior housing value estimate is based on the FHFA’s Q3 2014 all-transactions Indices, which showed quarter-over-quarter increases in housing values for 82% of the 412 MSAs covered by RiskSpan. 

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