Residential housing prices are continuing to recover throughout the country. The trend is not occurring everywhere and often is uneven. But it is helping seniors, whose home equity has reached a peak, according to a recent survey. And there are signs that brighter days for older homeowners are also extending to other housing providers dependent on the senior market.
The National Reverse Mortgage Lenders Association sponsors a quarterly report on home values for homeowners age 62 and older (the age group eligible to take out reverse mortgages insured by the government). During the third quarter of last year, senior home equity rose by $74 billion nationwide, marking the largest percentage increase since the end of 2005. Allen Jones, managing director of the firm that compiles the data, RiskSpan, says "this path that we're on is likely to continue."