May-June2020 Issue

Alabama 1) Number of reverse mortgages through 2019: 11,991 Peak year: 2009 (1,365) Lowest year since: 2019 (271) 2) Unemployment rate (Dec. 2019): 2.7 percent 3) Median household income (2018): $49,861 4) Median home price: $138,975 5) Share of people 55 and older: 31 percent Florida 1) Number of reverse mortgages through 2019: 114,362 Peak year: 2008 (19,779) Lowest year since: 2019 (2,782) 2) Unemployment rate (Dec. 2019): 3 percent 3) Median household income (2018): $55,462 4) Median home price: $245,169 5) Share of people 55 and older: 35 percent Georgia 1) Number of reverse mortgages through 2019: 21,131 Peak year: 2009 (2,380) Lowest year since: 2019 (670) 2) Unemployment rate (Dec. 2019): 3.2 percent 3) Median household income (2018): $58,756 4) Median home price: $201,294 5) Share of people 55 and older: 26 percent Louisiana 1) Number of reverse mortgages through 2019: 13,358 Peak year: 2011 (1,246) Lowest year since: 2019 (293) 2) Unemployment rate (Dec. 2019): 4.9 percent 3) Median household income (2018): $47,905 4) Median home price: $166,565 5) Share of people 55 and older: 28 percent Mississippi 1) Number of reverse mortgages through 2019: 5,468 Peak year: 2013 (557) Lowest year since: 2019 (139) 2) Unemployment rate (Dec. 2019): 5.7 percent 3) Median household income (2018): $44,717 4) Median home price: $126,502 5) Share of people 55 and older: 29 percent North Carolina 1) Number of reverse mortgages through 2019: 22,313 Peak year: 2009 (2,019) Lowest year since: 2019 (849) 2) Unemployment rate (Dec. 2019): 3.7 percent 3) Median household income (2018): $53,855 4) Median home price: $202,215 5) Share of people 55 and older: 29 percent South Carolina 1) Number of reverse mortgages through 2019: 13,923 Peak year: 2009 (1,472) Lowest year since: 2019 (465) 2) Unemployment rate (Dec. 2019): 2.3 percent 3) Median household income (2018): $52,306 4) Median home price: $185,749 5) Share of people 55 and older: 32 percent Tennessee 1) Number of reverse mortgages through 2019: 16,223 Peak year: 2009 (1,587) Lowest year since: 2019 (507) 2) Unemployment rate (Dec. 2019): 3.3 percent 3) Median household income (2018): $52,375 4) Median home price: $185,992 5) Share of people 55 and older: 29 percent Southeast Region Sources: Bureau of Labor Statistics (unemployment rate); U.S. Census American Community Survey (household income); Zillow and Business Insider (home prices); Kaiser Family Foundation (share of people 55 and older); and Reverse Market Insight (reverse mortgage figures) The lender has allies among executive management, but the challenge is making sure client-facing representatives are comfortable discussing the product. “We are contin- uously working on strategies and training to make it as simple as possible,” he says. It is a challenge that the reverse industry has long embraced. “The thing that we have going for us as an industry is that we all know the truth about this product,” Gianoplus remarks. “So, it’s just about helping other peo- ple discover it.” Southeast continued from page 31 32 REVERSE MORTGAGE / MAY-JUNE 2020