Senior Home Equity Reaches Record High
According to a recent report, the home equity of seniors aged 62 and older in Georgia and around the US reached over $7.5 trillion earlier this year, an all time record high. While the value of senior home equity grew by nearly $130 billion during the first quarter of 2020, however, the level of home mortgage debt held by seniors also increased by over $12 billion. Real estate market analysts believe that more seniors are tapping the equity in their homes to remain financially secure instead of accessing retirement funds in the stock market.
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