Reverse mortgage volume has plummeted in the last year as program changes have limited the loan’s reach, but there are still a number of homeowners across the country who are selecting the loan to access their home equity.
In parts of the country where home values are appreciating significantly, reverse lenders are finding success with homeowners looking to tap into the wealth in their homes.
Regionally, the Pacific/Hawaii area is the most popular place for reverse mortgages. That area endorsed 581 HECMs last month, according to recent data from Reverse Market Insight, while the Southeast/Caribbean region came in second with 332 loans.
Breaking it down by market, Los Angeles continues to hold the top spot for the greatest number of reverse mortgages. The L.A. area closed 135 HECMs in January, although RMI noted that this is down 70% from the 452 loans the market closed in the same month last year.
Here is a map of the largest markets for reverse mortgages:
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These are the top 15 markets that closed the most reverse mortgages last month:
1. Los Angeles 135
2. Phoenix 96
3. Santa Ana 92
4. San Francisco 81
5. Miami 67
6. Seattle 64
7. Portland 55
8. Sacramento 50
9. New York 46
10. Atlanta 42
11. Denver 41
12. Orlando 40
13. Richmond 40
14. Greensboro 39
15. Philadelphia 39
