The global equity release market is on track to nearly triple in size by 2035, with the United States projected to be the single largest growth engine.
The fourth annual Global Equity Release Survey from the European Pensions and Property Asset Release Group (EPPARG) and Ernst & Young LLP (EY), draws on data from market participants across 14 countries and cities including the US, UK, Australia, Canada, Germany, France, and Hong Kong, puts current annual global equity release volume at $17.7 billion.
The report states that by 2035 annual global equity release - which encompasses reverse mortgages and other home equity conversion products - is forecast to reach approximately $52 billion, driven primarily by strong projected growth in North America.
Housing wealth held by homeowners age 62 and older climbed to a record $15.34 trillion during the second quarter of 2026, according to the NRMLA/RiskSpan Reverse Mortgage Market Index published in October 2026 by the National Reverse Mortgage Lenders Association (NRMLA), based in Washington, DC.
The 2.7% increase compared to the prior quarter was driven by an estimated $430 billion (2.5%) increase in senior home values, partially offset by a $30 billion (1.2%) increase in senior-held mortgage debt.
“Even as borrowing costs remain elevated, senior homeowners continue to build substantial housing wealth, giving them greater financial flexibility as they navigate retirement,” said Steve Irwin, president of NRMLA. “The challenge and opportunity for our industry is to ensure that older homeowners understand how this wealth can be responsibly incorporated into their broader financial plans to help support their long-term financial security.”
Conversion of home equity wealth into retirement income through reverse mortgages remains stubbornly low, exposing a gap that advisors are increasingly being challenged to close.
"Retirement security is coming under increasing pressure worldwide as aging populations and persistent inflation place greater strain on traditional retirement systems," said Irwin. "The ability to access and monetize home equity will play an increasingly important role in helping older homeowners sustain their financial well-being and remain in their homes as they age."
The EPPARG-EY survey identifies the US as one of the largest equity release markets by volume among the 14 surveyed jurisdictions, with more than 10 active providers. Financing is provided primarily by banks, with securitization second and insurance companies third. Equity release products in the US are available to borrowers aged 62 and older, in line with the federally insured Home Equity Conversion Mortgage (HECM) program, which the US Department of Housing and Urban Development administers and which represents the dominant product type in the American market.
Industry professionals expect the reverse mortgage market to remain challenging throughout the second half of 2026, as elevated mortgage rates and affordability pressures continue to limit how much equity older homeowners can access.
That near-term friction, however, does not diminish the long-term picture the EPPARG-EY report describes: the US market is projected to grow from approximately $7.7 billion in current annual volume to $21.5 billion by 2035, according to the survey.
Intercontinental Exchange's (ICE) Mortgage Monitor for August 2026 showed that US mortgage holders collectively held $18 trillion in home equity, marking an all-time high.
The barriers cited in the EPPARG-EY report are familiar to anyone following the reverse mortgage space. The survey identifies limited consumer knowledge and awareness as the most common theme raised by respondents globally with widespread misconceptions, such as the belief that the lender takes ownership of the home, continuing to suppress demand. Elevated interest rates compared with pre-2022 levels and funding constraints round out the key obstacles named by market participants.
The survey's respondents were also emphatic about one shift that could meaningfully accelerate growth: positioning equity release products as a mainstream retirement planning option through financial advisors, rather than a measure of last resort.
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