market saw a bump in June after a dismal May, driven largely by growth in certain markets. So where are reverse mortgages
doing especially well?
There were gains in reverse mortgage endorsements in eight of the top 10 regions tracked by Reverse
Market Insight, according to a report by Reverse Mortgage Daily. Those gains drove a ¾% increase in June, bringing the industry-wide total of HECM endorsements up to 24.664 units in the first six months of 2016.
Leading the way was the Northwest/Alaska region, with a total of 1,400 loans through June. That brought the region’s year-to-date volume to a level 19.1% higher than the same period in 2015. The two largest markets in the region, Seattle and Portland, saw year-over-year increases of 24.5% and 32.4%, respectively, Reverse Mortgage Daily reported.
The Rocky Mountain region also saw double-digit year-over-year growth. The region saw 1,562 loans through June, an 11.2% uptick over the same period last year. Denver, the region’s largest metro market, saw a 27.1% annual increase.
The Pacific/Hawaii region includes California, which accounts for a larger share of the reverse market than any other state. In the first half of 2016, the region – where six of the 11 markets are located in California – produced 6,945 HECM endorsements, a 3.8% increase from the same period in 2015. Pacific/Hawaii endorsements accounted for 28.2% of the industry’s total endorsements in the first half of the year, Reverse Mortgage Daily reported.