New England saw a 34% boost in reverse mortgage growth last October, according to a recent report. With this gain, it is not sitting at the top spot among all regions for the reverse mortgage market.
Of the near 15 million in the total New England population, 15.2% of them are ages 65 and up, according to a recent report from Reverse Mortgage Daily. Meanwhile, the year-over-year home price appreciation is marked at 5.3%.
"We have vibrant, active seniors looking to stay close to their friends, family and the activities they enjoy," said Lisa Moriello, branch manager, Loan Depot, in Fairfield, Conn.
Moriello also revealed that New England property values are some of the highest in the nation. This is particularly favorable for seniors ages 63-72 who prefer substantial equity in their homes.
"We have already had a record number of inquiries from clients and advisors alike, outlining proposals for reverse mortgages to compliment an existing financial plan," Moriello says, according to the report.
"I am excited to see the use of a reverse mortgage purchase making waves in the Northeast."
To learn more about the increase in reverse mortgage activity in New England, click on the image above.