In what regions of the US are FHA HECM reverse mortgages becoming more popular? Where are the most FHA reverse mortgages being done? What regions are there the most lenders who provide FHA reverse mortgages?
These are just a few of the questions that the statistics put out by Reverse Market Insight answers.
FHA reverse mortgages are becoming a more popular option for seniors on a year-over-year basis. For example, in the Southwest region, there are 23% more seniors getting an FHA insured reverse mortgage in 2008 than there were in 2007.
Note: Arizona isn’t in the Southwest region for this data set — it is in the Pacific Region along with California, Hawaii and Nevada — where overall the growth rate of the number of Seniors getting an FHA reverse mortgage fell by 14%.
Are you a senior in Arizona interested in learning more about an FHA reverse mortgage? There are 14% less of you this year than last year in that group… and 58% more lenders to pick from!