Reverse Mortgages Grow Slightly In July

Aug 04, 2020

Senior Editor

Home equity conversion mortgages, known more commonly as reverse mortgages, showed a slight month-over-month growth of 1.1% in July. Since August 2019, reverse mortgages grew over 81%, though.

Reverse Market Insight, in its July 2020 report, says the month-over-month growth demonstrates increased volume levels since initial pandemic slowdowns in endorsement processing for March-April were overcome. Six of the 10 regions around the country grew in the month:

New England paced the pack, rising 11.2% to 109 loans
Southeast/Caribbean jumped 9.3% to 751 loans
Great Plains gained 8.1% to 67 loans

The two regions that did not grow were:

Midwest region down 11.2% to 213 loans
Pacific/Hawaii region down 3.3% to 1,492 loans (but up 109.8% since August 2019)

The New York and Mid Atlantic regions were basically the same month over month.

Year-to-date volume for reverse mortgages is 25,322. That’s up 32.4% from 2019 year-to-date numbers of 19,122 in 2019.

The top 5 cities for reverse mortgages year to date are:

Los Angeles, 1940 endorsements
Denver, 1835 endorsements
Santa Ana, 1500 endorsements
Phoenix, 1268 endorsements
San Francisco, 1136 endorsements

The top 5 lenders in the reverse mortgage space in July were:

American Advisors Group, 1578 endorsements. Year-to-date its market share is 31.9%.
Reverse Mortgage Funding, 406 endorsements. Year-to-date its market share is 9.5%.
Finance Of America Reverse, 393 endorsements. Year-to-date its market share is 8.7%.
Liberty Reverse Mortgage, 248 endorsements. Year-to-date its market share is 9.3%.
Synergy One Lending, 213 endorsements. Year-to-date its market share is 5.4%.

About the author

Keith Griffin

Senior Editor

Keith Griffin is a senior editor at NMP.

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Published

Aug 04, 2020

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