Department of Housing and Urban Development shows that on a calendar year basis, the number of federally insured Home Equity Conversion Mortgages (HECMs) closed in 2008 grew 6.4% to 115,176 loans.

“As more seniors try to figure out how to cope with today’s economic conditions, the HECM program takes on increased significance,” said Peter Bell, President of NRMLA.

A detailed analysis of HUD data conducted by Reverse Market Insight, Inc., a consulting firm based in Aliso Viejo, CA. The top 10 FHA insured HECM loan markets in the country are:

Miami (9,561)
Los Angeles (4,126)
Tampa (3,956)
Santa Ana, CA (3,695)
Baltimore (3,595)
Phoenix (3,582)
Orlando (3,556)
Richmond, VA (3,493)
Philadelphia (3,317)
Chicago (3,184)

Call 1-888-973-8377 to speak with a Reverse Mortgage Loan Professional.

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