The plethora of reverse mortgage products that exist on the market have proven to be very useful in a number of cities. However, there are a few cities who choose to use the product at a higher rate than others. So, which cities are taking advantage of the reverse mortgage product the most?
"The coastal town of Virginia Beach took the top spot with 13.8 loans per 1,000 homeowners aged 60 and over between 2012 and 2017 — which LendingTree described as 'surprising,' considering the town’s median home value sits at a below-average $224,000," according to Reverse Mortgage Daily.
Meanwhile, the report revealed that the other four cities that topped the list include Denver, Riverside, CA; Sacramento and Reno. Statistics also showed that cities that featured a smaller use of reverse mortgages often had homes with lower property values.
To learn more about which cities tend to use reverse mortgage products the most, click on the image above.