Through the end of April, reverse mortgage endorsements in Colorado have increased by 69% from the same time period in 2016, as Western states continue to boost overall Home Equity Conversion Mortgage growth.
Lenders endorsed 1,074 HECMs for Centennial State residents between January and April, good for fourth place behind population powerhouses California, Florida, and Texas — but ahead of the far more populous New York — according to the most recent endorsement data from Reverse Market Insight, Inc. As they have in previous months, Washington and Oregon also posted significant growth levels, with endorsements in those Pacific Northwest states running 38.3% and 37.7% higher than at the same point in 2016, respectively.
The Denver metropolitan area alone saw 210 loan endorsements over that period, or a 40% increase from 2016 and enough to put the city in second place behind only Los Angeles. San Diego, Las Vegas, and Washington, D.C. rounded out the top five cities for HECM endorsements thus far in 2016.
Total endorsement volume sits at 19,386 through the end of April, higher than the 17,232 endorsed through April 2016.
“While industry endorsements slipped a bit in April, year-to-date volume is still 12.5% higher than last year,” the Dana Point, Calif.-based research firm noted in its analysis.
HECM refinances have accounted for 14% of all endorsements so far through April, a 93% spike from last year, though RMI also noted that non-refinance loans have increased by 8.8% as well.
Dive into RMI’s full set of statistics here.
Written by Alex Spanko