Changing Landscape Shows New Reverse Mortgage “Big 3”

While Florida has historically been a Top-3 state for reverse mortgage activity, a report released today from Reverse Market Insight indicates that Florida has fallen and New York has risen the ranks with its recent surge in volume.

Top states California and Texas still take the top spots for endorsement volume, after New York and Florida have been “neck in neck” for most of the past year, RMI reports.

And it looks like the trend will be a lasting one—at least for the foreseeable future, RMI says.

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“…given the dramatic jump in February for New York, it seems likely that for the near future at least we’ll be talking about CA, TX, and NY as the big 3.”

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Source: Reverse Market Insight

New York lays claim to three of the top-10 HECM counties, according to RMI’s research with Suffolk, Nassau and Queens all making the top-10 counties list. They’re also the only counties to grow endorsements since 2011.

View the RMI report.

Written by Elizabeth Ecker

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  • Perhaps one of the reasons Florida has fallen behind in originations is the devastation to the condo market by HRAP.  I wonder how Texas and New York would fare if a substantial portion of their market was taken from them almost overnight?

    This doesn’t even address the devastation to the condo borrower looking to RM for a financial lifeboat.

    Yesterday I had to turn down an 86 year old widow who is facing a $30,000 assesment in an association with well-established reserves.  She can’t get a RM, can’t get conventional financing and is just about out of savings.

    Her future likely includes a lien, possible foreclosure by the association,loss of her home and then Medicaid.

    Frankly, I’d be more concerned with difficulties getting Florida condo associaitons approved than state rankings in originations under these circumstances

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