As home equity among seniors continues to balloon, the pace of government-insured reverse mortgage lending has slowed. But several proprietary programs have been created to pick up the slack — including a new second-lien product.
Data from the National Reverse Mortgage Lenders Association indicate that homeowners who are at least 62 years old had $6.9 trillion in equity as of the second quarter of this year.
Compared to the first quarter, senior home equity has expanded by $130 billion. Behind the improved equity positions of older Americans are home values, which increased by $143 billion.
Source: Mortgage Daily