Older Americans' Housing Wealth Surges to Record High

The National Reverse Mortgage Lenders Association and RiskSpan estimated that housing wealth among Americans 62 and older reached a record $7.14 trillion in the first quarter of this year, a gain of $104 billion, reports Fox Business . Growth was driven by a $110 billion increase in seniors' home values, parallel to an expanding senior population. National Reverse Mortgage Lenders Association President Peter Bell suggested climbing home equity levels could help older adults live out their later years in greater comfort. "Reverse mortgages have become an essential component for addressing a huge problem for many Americans: funding retirement," he said. "More than 1.12 million families have used a reverse mortgage alongside their 401(k)s, IRAs, savings, investments, Social Security, Medicare, and Medicaid to cover life's daily expenses, so they could live more financially secure lives."