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.
“…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.”
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