The NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) rose in Q4 2013 by 2.4% to 169.8, its highest level since Q1 2008. The $83.5 billion increase in senior home equity in the fourth quarter was driven by an estimated $84.1 billion increase in the aggregate value of senior housing offset by a $600 million increase in mortgage debt held by seniors. The fourth quarter was the seventh consecutive quarter in which the index has risen, but the $3.54 trillion estimated aggregate value of home equity owned by seniors eligible for reverse mortgages remains 12% below its peak level of $4.0 trillion in Q4 2006. The senior housing value estimate is based on the FHFA’s Q4 2013 all-transactions Indices, which saw housing values increase in 63% of the 412 MSAs covered by RiskSpan.
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