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Article: GINNIE MAE APPLAUDS CREATION OF REVERSE MORTGAGE MARKET INDEX
- Article from:
- US Fed News Service, Including US State News
- Article date:
- July 3, 2007
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Ginnie Mae issued the following press release:
Ginnie Mae (the Government National Mortgage Association) commends the National Reverse Mortgage Lenders Association (NRMLA) and the Hollister Group LLC for the release of its new NRMLA/Hollister Reverse Mortgage Market Index (RMMI). The RMMI is the first market indicator to collect critical market, housing and demographic data, and to track and project the market for reverse mortgages.
The RMMI estimates that Americans age 62 or older currently hold an estimated $4.3 trillion of home equity; an amount that could increase past $37 trillion by the year 2030, assuming historical home appreciation levels. In the first quarter of 2007 alone, there ...