The Hottest Reverse Mortgage Markets Through July

Although Home Equity Conversion Mortgage (HECM) endorsements fell 5.1% in July from the prior month, volume remained above its year-ago levels and in some areas, the gains were felt much stronger than others.

Six of the top 10 states for HECM endorsement growth posted gains year-to-date (YTD) in July, according to the latest data release from Reverse Market Insight (RMI).

While it was California that ranked at the top with 6,196 units YTD in July (13.3%), Florida led the way in terms of growth with volume rising 29.3% this year through July to 2,940 loans. In terms of unit count, The Sunshine State ranked second among the top-10 states.


Texas followed closely with 2,489 units through July, representing an endorsement increase of 11.9% compared to its year-ago volume at that time.

New York, New Jersey and Illinois also reported higher volume through July compared to last year, rising 6.1%, 0.5% and 2.7% respectively, while North Carolina was the only state to remain unchanged from the prior year with 839 units.

Meanwhile, Pennsylvania saw the largest decrease among the top-10 states, with its 1,239 units YTD through July 2015 down 10.9% from last year’s comparable period.

Arizona and Virginia also posted lower endorsement volumes as of July 2015, dropping 6.3% and 0.7% to 1,020 and 953 units, respectively.

At the city level, the biggest YTD growth this year was happening in California, home to both Los Angeles and San Jose, which saw volume rise 26.6% to 324 units and 25.8% to 161 loans.

Industrywide, total YTD HECM endorsements total 33,368 units through July, up 5.1% from January through July 2014.

Written by Jason Oliva

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  • Florida still cannot carry its own water against a state with a proportionately smaller senior base. And then there is Texas. As the saying goes, as Southern California goes so goes the HECM industry.

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