Reverse mortgage volume has plummeted in the last year as program changes have limited the loan’s reach, but there are still a number of homeowners across the country who are selecting the loan to access their home equity.

In parts of the country where home values are appreciating significantly, reverse lenders are finding success with homeowners looking to tap into the wealth in their homes.

Regionally, the Pacific/Hawaii area is the most popular place for reverse mortgages. That area endorsed 581 HECMs last month, according to recent data from Reverse Market Insight, while the Southeast/Caribbean region came in second with 332 loans.

Breaking it down by market, Los Angeles continues to hold the top spot for the greatest number of reverse mortgages. The L.A. area closed 135 HECMs in January, although RMI noted that this is down 70% from the 452 loans the market closed in the same month last year.

Here is a map of the largest markets for reverse mortgages:

Made with Visme Infographic Maker

These are the top 15 markets that closed the most reverse mortgages last month:

1. Los Angeles            135

2. Phoenix                  96

3. Santa Ana               92

4. San Francisco         81

5. Miami                     67

6. Seattle                     64

7. Portland                 55

8. Sacramento            50

9. New York               46

10. Atlanta                  42

11. Denver                  41

12. Orlando                40

13. Richmond             40

14. Greensboro          39

15. Philadelphia         39

 

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