Statisitcal data concerning the makeup of HECM reverse mortgage borrowers isn’t always readily available. HUD does not publish statistical reports for the general public and private data collection has not matured to the same extent as in other mortgage markets.

But a press release earlier this month concerning an investment quality rating assigned by Fitch to a $221,000,000 pool of home equity conversion mortgages (HECM) provides an interesting glimpse into who reverse mortgage borrowers are and other data:

As of the cut-off date, July 1, 2006, the mortgage loans had a weighted average current loan-to-value ratio (LTV) of 46.55%, and an average outstanding current principal balance of $135,650. Single-family properties account for 79.52% of the mortgage pool, two- to four-family properties 1.06%, and condos 5.84%. As required by the terms of the mortgage loans, 100% of the properties are owner occupied. In addition, the weighted average age of the borrowers is approximately 74 years, with the mortgage pool comprising 70.53% of female borrowers and 29.47% of male borrowers. The three largest state concentrations are California (53.99%), Florida (13.87%), and Maryland (3.01%).

Reverse Mortgage Info for State and Metro Areas

HECM Loan Database Updated Through January 2007

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