For years, California has dominated the reverse mortgage scene accounting for nearly one-third of the total HECMs endorsed as recently as CY2006. Figures through September 2007, however, show that HECM endorsements in the Golden State have fallen sharply when viewed as a percentage of the total HECM activity.
Florida HECM production, meanwhile, continues to be strong and growing in 2007. Indeed, Florida appears poised to surpass California as the top state for HECM endorsements. (more…)
HECM reverse mortgage loan data for the first three months of 2007 reveal that east coast markets (particularly those in Florida) are challenging California markets as leaders in HECM reverse mortgage activity. The table below ranks the top 10 Federal Office locations for HECM endorsements in 2006 and shows how these rankings have changed in the first quarter of 2007:
Points worth noting:
Coral Gables (Miami MSA) has surpassed the LA and Santa Ana California offices as the leader in HECM endorsements;
The Tampa Florida office has zoomed from 10th place to fourth place in the rankings;
Of the top 5 Federal Offices for 1Q 2007, two are in Florida and two are in California with the fifth being Boston. In 2006, four of the top five positions were California markets; thus far in 2007, three of the top five spots are east coast offices.
More information on HECM loan activity is available using our HECM Loan Data tool.
Click on a state to see a complete, up to date reverse mortgage information snapshot - including loan activity, top lenders, section 203b limits, home value data and other relevant data about the reverse mortgage market in that state. Data is also available on a mtropolitan area basis for more than eighty metro areas throughout the US. Click on a metro area shown below to access this data.
Sacramento is one of the strongest reverse mortgage markets in the U.S. ranking third (behind Santa Ana and Los Angeles) in the number of Home Equity Conversion Mortgages (HECM) originated through the first eight months of 2006. (HECMs are the most popular type of reverse mortgage.) 2550 HECM loans have originated through the Sacramento HUD office thus far in 2006, up from 1498 issued during the same period in 2005.
Data for the first seven months of 2006 shows reverse mortgage activity continues to be dominated by the [tag]California reverse mortgage[/tag] market. Of the top ten federal offices for [tag]HECM[/tag] processing, five are [tag]California[/tag] locations: Santa Ana, Los Angeles, Sacremento, San Francisco and Fresno. These five California [tag]HUD[/tag] offices accounted for 13,257 endorsed [tag]HECM loans[/tag], or 28% of the nationwide total of 47,285 endorsed HECM loans through July 2006.
During the sae period in 2005, these five locations accounted for 5,166 (21%) of the total 24,128 endorsed HECM loans. Here’s a complete list of HECM [tag]reverse mortgage[/tag] endorsements by location:
Home Equity Conversion Mortgage Originations by Location for Current Calendar Year
Data for the first six months of 2006 shows reverse mortgage activity dominated by the [tag]California reverse mortgage[/tag] market. Of the top five federal offices for [tag]HECM[/tag] processing, four are [tag]California[/tag] locations: Santa Ana, Los Angeles, Sacremento and San Francisco. Together with two other Golden State offices (Fresno and San Diego), the California [tag]HUD[/tag] offices accounted for 12,212 endorsed [tag]HECM loans[/tag], or 30% of the nationwide total of 40,910.
Here’s the complete list of HECM [tag]reverse mortgage[/tag] endorsements by location:
Home Equity Conversion Mortgage Originations by Location for Current Calendar Year
