AAG publishes 10 Most Popular States for Reverse Mortgages
IRWIN, California., Jul 20, 2021 / PRNewswire / – As home values continue to rise across the country, Americans aged 62 and older are cashing in on their lifetime investments using Home Equity Conversion Mortgages (HECM) or reverse mortgages as they are more commonly known. To find out in which regions of the country reverse mortgages are used the most, American Advisory Group (AAG), a national leader in home solutions, researched over 47,000 reverse mortgages in 2020 to publish its list of the 10 Most Popular States for Reverse Mortgages.
Top Ten States on Reverse Mortgages in 2020 Volume
California topped the list in 2020 with 11,921 loans and has been the number one state in terms of HECM volume since 2016. Los Angeles County was the state’s most popular county for reverse mortgages in 2020 with 3,068, followed by San Diego County with 1256 loans and Orange County with 1145 loans. No wonder that California tops the list with the average home value increasing every year for the past five years. Secondly, Florida ranked second in most popular states over the same time period, and its best county in 2020 was Miami-Dade 519 credits in total.
Reverse mortgages are becoming more and more popular in Colorado over the past few years, as it rose from fifth on the list in 2016 to third in terms of loans in 2020. Colorado, but if we look at the total loan amounts compared to the elderly population of each state, Colorado ranked # 1 since 2019.
“Seniors across the country are taking advantage of a strong housing market and are using their own capital to create financial flexibility,” said AAG’s director of marketing. Martin Lenoir… “While California has historically been a popular market for reverse mortgages, we are starting to see more widespread adoption in many other states such as Colorado as well as Utah… Seniors are realizing that their growing net worth is one of their greatest assets and that now is the time to use it. “
To determine these results, AAG examined over 225,000 HUD-approved loans over a five-year period. All loans in withdrawals were HECM backed by the Federal Housing Administration (FHA) and funded by various lenders, not just AAG. According to the National Reverse Mortgage Lenders Association (NRMLA), seniors now own more than 8 trillion dollars in equity through United States…
AAG is committed to helping older Americans find new ways to finance better retirements through responsible use of home equity. As the national leader in reverse mortgages, AAG offers a suite of home equity solutions including home equity conversion mortgages, traditional and proprietary mortgages, and real estate services that are designed to provide seniors with better financial outcomes in retirement. AAG is a full member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about AAG and reverse mortgages, visit the company’s website at www.aag.com…
American Advisors Group, NMLS ID: 9392, 18200 Von Karman Ave., Suite 300, Irvine, California 92612. AAG Residential Services, Inc., 18200 Von Karman Ave., Suite 950, Irvine, California 92612. Real Estate Broker, California Department of Real Estate, license number 02039087. AAGRS performs activities that require a real estate license.
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SOURCE American Advisors Group (AAG)