The reverse mortgage industry has crossed the 2% overall penetration level according to Reverse Market Insight.
The penetration level is the total active reverse mortgages in servicing today as a percentage of all senior homeowner households.
Through November, states with the highest level of penetration are DC with 7.3% followed by NV and CA at 3.9% and 3.8% respectively.
RM Insight’s November Industry Trends report also shows that since the lending limits were raised to $625,500, the areas of strength have mostly been concentrated in high value neighborhoods such as Brooklyn, NY, San Francisco and San Jose and Orange County, CA.
Despite the sharp drop in home values in California, overall volume in the state is up 8% compared to 2008.