AARP Specialist on Reverse Mortgages
In light of the evolving market for reverse mortgages, Bronwyn Belling, a reverse mortgage specialist at the AARP Foundation, which doesn’t endorse any lenders, suggests, “Unless you have an urgent need, it may be worth your while to see how the changes in the market affect the products, the pricing and the choices.”
It will be interesting to watch the landscape of the Reverse Mortgage market over the course of the next 18 months. It is important to note that reverse mortgages as of this time, (06/2007) account for less than 4% of all mortgage volume, but the number is growing and lenders are paying attention.
Floyd Robinson, president of Bank of America’s consumer real estate division, said the purchase of Seattle Mortgage, coupled with the proprietary reverse mortgage it already has been testing, will “propel us to our target of being the No. 1″ reverse mortgage originator by the end of 2008.
According to NRMLA, In 2005 the Top 10 markets include: Los Angeles, CA (3,345 HECMs made); Santa Ana, CA (2,164); San Francisco (1,666); New York, NY (1,406); Denver, CO (1,362); Sacramento, CA (1,300); San Diego, CA (1,285); Detroit, MI (1,063); Coral Gables, FL (1,009); and Chicago (912).
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