California, Texas and New York continue as specific strongholds for reverse mortgages relative to other states, but several unsuspecting regions have also emerged over the course of the past month, according to a report today from Reverse Market Insight.
Kansas City, Missouri has grown the most in reverse mortgage volume year over year, displacing St. George, Utah, which formerly held the top growth spot. Other areas of growth include Nashville, Tennessee, Riverside, California and Jamaica, New York.
However, there have also been several less expected growth regions including Metairie, Louisiana; Pensacola, Florida; Knoxville, Tennessee; and Amarillo, Texas; RMI writes, which all buck the downward trend seen in most regions across the U.S.
Source: Reverse Market Insight.
While there is opportunity in picking up market share left by MetLife, the report advises, there may also be more growth in some of the less obvious regions around the country.
