July-Aug 2020

seeing an increase in business even before the pandemic struck. “This was the best first quarter in reverses I’ve ever had,” says Lester, who also does forward mortgages through a company called Wonder State Mortgage, also based in Little Rock. HECMs make up about ten per- cent of his business. The pace slowed during the pandemic as lenders and borrowers adjusted to social distancing guidelines, Lester says. But he is confident the challenges will be met. “There’s a lot of ways to make this happen if you want to do it,” he says. “It’ll take a little more work on our part, but that’s what we’re here for, to serve customers.” Arkansas 1) Number of reverse mortgages through 2019: 7,098 Peak year: 2008 (777) Lowest year since: 2019 (152) 2) Unemployment rate (March 2020): 4.8 percent 3) Median household income (2018): $47,062 4) Median home price: $128,101 5) Share of people 55 and older: 30 percent Illinois 1) Number of reverse mortgages through 2019: 32,459 Peak year: 2009 (4,032) Lowest year since: 2019 (504) 2) Unemployment rate (March 2020): 4.6 percent 3) Median household income (2018): $65,030 4) Median home price: $202,675 5) Share of people 55 and older: 28 percent Iowa 1) Number of reverse mortgages through 2019: 4,596 Peak year: 2009 (372) Lowest year since: 2019 (119) 2) Unemployment rate (March 2020): 3.7 percent 3) Median household income (2018): $59,955 4) Median home price: $152,885 5) Share of people 55 and older: 30 percent Michigan 1) Number of reverse mortgages through 2019: 24,053 Peak year: 2007 (3,116) Lowest year since: 2019 (461) 2) Unemployment rate (March 2020): 4.1 percent 3) Median household income (2018): $56,697 4) Median home price: $173,277 5) Share of people 55 and older: 31 percent Minnesota 1) Number of reverse mortgages through 2019: 13,288 Peak year: 2007 (1,245) Lowest year since: 2019 (290) 2) Unemployment rate (March 2020): 3.1 percent 3) Median household income (2018): $70,315 4) Median home price: $256,857 5) Share of people 55 and older: 30 percent Missouri 1) Number of reverse mortgages through 2019: 13,740 Peak year: 2007 (1,772) Lowest year since: 2019 (144) 2) Unemployment rate (March 2020): 4.5 percent 3) Median household income (2018): $54,478 4) Median home price: $162,464 5) Share of people 55 and older: 31 percent North Dakota 1) Number of reverse mortgages through 2019: 717 Peak year: 2008 (62) Lowest year since: 2019 (19) 2) Unemployment rate (March 2020): 2.2 percent 3) Median household income (2018): $63,837 4) Median home price: $235,012 5) Share of people 55 and older: 28 percent Wisconsin 1) Number of reverse mortgages through 2019: 10,300 Peak year: 2008 (1,072) Lowest year since: 2019 (197) 2) Unemployment rate (March 2020): 3.4 percent 3) Median household income (2018): $60,773 4) Median home price: $202,029 5) Share of people 55 and older: 31 percent Upper Midwest 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) Upper Midwest continued from page 29 30 REVERSE MORTGAGE / JULY-AUGUST 2020