Seattle Home Equity Conversion Mortgage endorsements have been a shining star in a first quarter that saw a big chunk of woes across the nation. The city is running way above the much of the rest of the country when it comes to reverse mortgages placing it in the top performer category.
"Despite the downturn in Home Equity Conversion Mortgage endorsement volume in February, largely attributable to program changes implemented in October 2017, several areas saw substantial year-over-year growth during the first two months of combined data in 2018," according to Reverse Mortgage Daily.
"Those areas, Seattle and Portland, have outpaced the national 27.9% increase in year-over-year volume for January and February combined, according to data released this week from Reverse Market Insight."
Seattle saw a 112% increase in loan volume for February 2018 though, some experts believe this could be due to an increased amount of applications prior the October 2017 changes.
While there is plenty of reason to celebrate an impressive Q1, there doesn't appear to be a very optimistic outlook for the rest of the year. According to the report, there is a drop-off expected to come sooner than later.
We will continue to track Seattle and other top performing cities across the U.S. to see when that drop-off will occur. To learn more about Seattle's successful Q1 for reverse mortgage endorsements, click on the image above.