Reverse Mortgage Guide

Where are you most likely to find seniors getting a reverse mortgage?
According to figures from HUD, in 2006 reverse mortgages were all-the-rage in just a limited number of metro areas, places where at least 1,000 reverse mortgages were originated.
Where are these cities? See if your community made the list below:

• Baltimore (1,777)
• Boston (2,407)
• Camden (1,242)
• Chicago (1,718)
• Coral Gables (5,035)
• Denver (1,179)
• Detroit (1,158)
• Fresno (1,737)
• Hartford (1,466)
• Houston (1,084)
• Jacksonville (1,319)
• Los Angeles (3,527)
• Orlando (2,244)
• New York (2,198)
• Newark (1,442)
• Philadelphia (1,904)
• Phoenix (2,384)
• Portland (1,544)
• Richmond (1,740)
• Sacramento (2,255)
• San Francisco (1,757)
• Santa Ana (3,464)
• Seattle (1,649 )
• Tampa (2,418)
• Washington (1,436)

Is there any correlation here? In general, combine real estate appreciation with an older population and you get a lot of reverse mortgages. Younger populations and places with less appreciation result in fewer reverse mortgages.

This entry was posted on Tuesday, June 12th, 2007 at 6:45 am and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.