Jan-Feb2020

For the Mid-Atlantic region, here are some statistics by state, plus Washington, DC. Delaware Number of reverse mortgages funded through 2018: 4,507 Peak year: 2009 (674) Lowest year since: 2018 (130) Unemployment rate (Sept. 2019): 3.5 percent Median household income (2018): $65,012 Median home price: $237,300 Share of people 55 and older: 32 percent Indiana Number of reverse mortgages funded through 2018: 12,071 Peak year: 2008 (1,120) Lowest year since: 2018 (387) Unemployment rate (Sept. 2019): 3.2 percent Median household income (2018): $59,892 Median home price: $144,500 Share of people 55 and older: 28 percent Kentucky Number of reverse mortgages funded through 2018: 5,701 Peak year: 2008 (528) Lowest year since: 2018 (235) Unemployment rate (Sept. 2019): 4.4 percent Median household income (2018): $54,555 Median home price: $144,800 Share of people 55 and older: 30 percent Maryland Number of reverse mortgages funded through 2018: 31,525 Peak year: 2008 (4,747) Lowest year since: 2018 (556) Unemployment rate (Sept. 2019): 3.7 percent Median household income (2018): $86,223 Median home price: $290,000 Share of people 55 and older: 29 percent Ohio Number of reverse mortgages funded through 2018: 19,556 Peak year: 2008 (1,799) Lowest year since: 2018 (676) Unemployment rate (Sept. 2019): 4.2 percent Median household income (2018): $61,633 Median home price: $139,100 Share of people 55 and older: 31 percent Pennsylvania Number of reverse mortgages funded through 2018: 38,984 Peak year: 2008 (3,989) Lowest year since: 2018 (1,083) Unemployment rate (Sept. 2019): 4 percent Median household income (2018): $64,524 Median home price: $173,200 Share of people 55 and older: 32 percent Virginia Number of reverse mortgages funded through 2018: 32,538 Peak year: 2009 (4,134) Lowest year since: 2018 (796) Unemployment rate (Sept. 2019): 2.7 percent Median household income (2018): $77,151 Median home price: $258,600 Share of people 55 and older: 28 percent Washington, DC Number of reverse mortgages funded through 2018: 7,287 Peak year: 2009 (761) Lowest year since: 145 (2018) Unemployment rate (Sept. 2019): 5.4 percent Median household income (2018): $85,750 Median home price: $574,100 Share of people 55 and older: 22 percent West Virginia Number of reverse mortgages funded through 2018: 2,785 Peak year: 2008 (266) Lowest year since: 2018 (124) Unemployment rate (Sept. 2019): 4.7 percent Median household income (2018): $50,573 Median home price: $96,300 Share of people 55 and older: 34 percent Region by Region Over the next year, Reverse Mortgage will look at the HECM market through six regions of the country, with one region examined per issue starting with this January/February magazine. Here is a map of the regions. Sources: Bureau of Labor Statistics; U.S. Census; Zillow and Business Insider; Kaiser Family Foundation; Reverse Market Insight 30 REVERSE MORTGAGE / JANUARY-FEBRUARY 2020