GITNUX MARKETDATA REPORT 2024

Reverse Mortgage Industry Statistics [Fresh Research]

With sources from: aarp.org, forbes.com, nationalmortgagenews.com, nbcnews.com and many more

In this post, we will explore a comprehensive set of statistics related to the reverse mortgage industry. From trends in loan volumes and borrower demographics to default rates and foreclosure risks, these data points shed light on the landscape of reverse mortgages in recent years.

Statistic 1

"There were about 423,000 messages sent in 2020 targeting reverse mortgage leads, which is a 445% increase from the year prior."

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Statistic 2

"Despite legislative reforms in recent years, about 13% of reverse mortgage borrowers are at risk of foreclosure due to unpaid taxes and insurance."

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Statistic 3

"The total volume of reverse mortgages fell by 31.6% for the fiscal year 2019 compared to the previous year."

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Statistic 4

"In 2016, people aged 62 to 69 constituted the largest group of reverse mortgage borrowers at 44%."

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Statistic 5

"As of 2017, Florida ranked first in the US with over 7000 reverse mortgages."

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Statistic 6

"The default rate in the reverse mortgage industry is particularly high, reaching up to 12% as of 2012."

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Statistic 7

"Reverse mortgage loan volumes saw an increase of 9.67 percent in 2020 compared to 2019."

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Statistic 8

"The industry has remained on a consistent upward trajectory since 2020, with a total increase of 17% year-over-year."

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Statistic 9

"In January 2020, total Home Equity Conversion Mortgage (HECM) endorsements were up 158.2% to 4,300 loans."

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Statistic 10

"Around 49,000 seniors took out reverse mortgages in 2018."

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Statistic 11

"As of April 2021, there was an 86.1% increase in reverse mortgage loan applications compared to the same period in 2020."

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Statistic 12

"42% of reverse mortgage loans were used to pay off a traditional mortgage in 2016."

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Statistic 13

"Overall, the demand for reverse mortgages is expected to rise due to an increase in home equity amongst seniors, reaching $9.2 trillion in 2021."

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Statistic 14

"In 2018, 73% of reverse mortgagers were homeowners."

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Statistic 15

"59% of reverse mortgage borrowers in 2020 were over 70 years of age."

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Statistic 16

"Reverse mortgages were 11.7% of all mortgages in the U.S. in 2019."

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Statistic 17

"Of the 1,300,000 reverse mortgages taken out between 1989 and 2018, approximately 18% ended up in foreclosure."

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Interpretation

The reverse mortgage industry experienced significant fluctuations in key metrics such as message targeting, borrower demographics, loan volumes, default rates, and application increases over the years. Despite an increase in loan volumes and applications, challenges like foreclosures due to unpaid taxes and insurance remain prevalent. The statistics suggest a mixed outlook for the industry, showcasing growth potential alongside persisting risks and vulnerabilities. As demand is projected to rise with increasing home equity amongst seniors, a careful assessment of regulations and borrower protections will be crucial in ensuring the long-term sustainability and integrity of the reverse mortgage market.

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