Homeowners 62 and older are feeling richer thanks to homeownership. Senior housing wealth grew by 0.5%, or $32 billion, in the second quarter, on top of a cumulative $7.17 trillion reached in the first quarter of 2019, the National Reverse Mortgage Lenders Association reports.
Rising home prices are helping to make more homeowners accumulate home wealth at a faster rate. Overall, U.S. homeowners of all ages with a mortgage have seen their equity rise to an all-time high in the first half of 2019, increasing by 4.8% year over year, according to CoreLogic’s recent Home Equity Report. The average homeowner has gained $4,900 in home equity between the second quarter of 2018 and the second quarter of this year, according to the report.