Sand states are leading the way in overall reverse mortgage endorsements, according to the latest Reverse Market Insight (RMI) report, noting that California, Florida, Arizona and Nevada are heavily represented in leading reverse mortgage states, counties, cities and zip codes.
California is the No.1 state for reverse mortgage endorsements with a year-to-date amount of 3,338 units, followed respectively by Texas at 1,362 units, Florida at 1,312 units, New York at 1,215 units and Pennsylvania at 831 units.
Cities that top the list include Philadelphia, Pa. at 189 units; Brooklyn, N.Y. at 148 units; Los Angeles, Calif. at 145 units; San Diego, Calif., at 145 units and Miami, Fla. at 134 units.
“Pennsylvania is usually the one that surprises people when we say it’s the fifth largest reverse mortgage state by loan count, and especially that Philadelphia is the top city by the same measure,” RMI wrote in a newsletter on the report.
Counties and zip codes are also ranked in the report according to reverse mortgage endorsements year-to-date.
Overall, the endorsement growth rate year-to-date from April of this year is -11.8% change, at 18,995 units. This is below the same month last year, which had a year-to-date endorsement growth rate of 10.2% change.
However, there are less originators overall than last year, at 618 in April versus 713 the same time last year.
Cities leading with the most active originators are Los Angeles, Calif. with 67 active originators; San Diego, Calif. with 61; Miami, Fla. with 59; and tying are Philadelphia, Pa. and Brooklyn, N.Y. with 49.
Read the full report here.
Written by Cassandra Dowell