Local Spotlight: Reverse Mortgages in Florida – Reverse Mortgage Daily
In February 2018, Denver, Colorado, snagged the number 2 spot on LendingTree’s list of cities with the highest usage rates of reverse mortgages. The demand for Home Equity Conversion Mortgages (HECMs) was so high, in fact, that the Denver Business Journal speculated that it could have contributed.
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Home prices are on the rise on Long Island, New York. The Multiple Listing Service of Long Island reported in August that median prices increased annually by 3.8% in Nassau County to $540,000 and by 6.8% in Suffolk County to $390,000. These increases are creating an opportunity for reverse mortgage lenders, according to Tim Kennedy, [.]
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Avoiding foreclosure on your reverse mortgage: Florida residents can get help "Don’t be embarrassed, because the loans can be very confusing," said an attorney with Jacksonville Area Legal Aid.
It’s no secret that the reverse mortgage industry took a hit after the U.S. Department of Housing and Urban Development implemented HECM program changes in October 2017. But with lenders finally adjusting to the new normal, many markets are ready for a comeback. And there’s no market more ready than Southern California, some originators based there say.
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Florida remains the retiree capital of the United States. No personal income tax, warm weather and plenty of sunshine drew nearly 78,000 retirees to the state in 2015 alone, according to the most recent U.S. Census migration data. That’s 50,000 more retirees than Arizona, the second state on the list. Regional Stats:Total FL Population: 21.3 [.]
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INTERVIEW WITH MAX ALLAN COLLINS Hey Hip Readers, Max Allan Collins has a new book, Quarry’s Climax out today from Hard Case Crime and I was fortunate enough to interview him. He’s a titan in the crime fiction genre. He wrote the comic book that became Road to Perdition.He worked with Mickey Spillane. Let that sink in.