It’s no secret that the major hot spots for Home Equity Conversion Mortgage (HECM) activity are California and Florida. Both are densely populated states with large senior population segments and (until recently) skyrocketing home values that created lots of home equity wealth for seniors to tap into.

We thought it would be interesting to see what other states were major players in the HECM arena. The following table ranks the top 10 states based on the number of HECM loans endorsed from January 1, 2003 through April 30, 2007 by Federal HUD Offices located within each state.

As would be expected, the larger more populous states dominate this list. Still, there are surprises.

For example, Michigan, which according to the Office of Federal Housing Enterprise Oversight (OFHEO) ranked 50th in housing value growth for the 5-year period ended March 31, 2007 ranks 6th in terms of HECM endorsements. (By way of comparison, Florida and California ranked 3rd and 4th in housing value growth during the same period.)

Clearly reverse mortgages have their place in areas not experiencing strong housing price growth. Indeed, it may be that in these areas, the need among senior homeowners for alternatives like reverse mortgages is especially great.

For detailed reverse mortgage information for each of these states, use the following links:

• California Reverse Mortgage
• Florida Reverse Mortgage Information
• Texas Reverse Mortgage Information
• New York Reverse Mortgage Information
• New Jersey Reverse Mortgage Information
• Michigan Reverse Mortgage Information
• Arizona Reverse Mortgage Information
• Massachusetts Reverse Mortgage Information
• Colorado Reverse Mortgage Information
• Illinois Reverse Mortgage Information

A Few More Related Articles of Interest:

HECM Growth By State

California HECM Activity Down

A one year snapshot of endorsed HECM loans, state by state.

Heat Map Shows Regional Variations in HECM Activity

Is Your Community Reverse Mortgage Friendly?