Texas Now Third on List
Texas in the United States has been booming as the 3rd largest state in terms of number of reverse mortgages in the country according to data available from Reverse Market Insight. California and Florida are the first two states when it comes to reverse mortgages.
The TARML (Texas Association of Reverse Mortgage Lenders) announced that Texas originated over $2.2 billion worth of reverse mortgages between the years 2004 and 2008. There were a total of 7,087 loans made out during the year 2008, an increase of 23.5%.
The reverse mortgage industry in Texas is on pace to extend above $855 million to senior home owners - a 38% increase from last year. There are now more than 1.5 million residences where senior home owners are aged 62 or above. In 2008, 201 lenders originated reverse mortgages in Texas, up from 116 during the previous year.
The combination of potential and number of lenders will make the Lone Star state as a very positive area in the country for reverse mortgages.
Over the past two years, senior Texas home owners have borrowed over $1.1 billion, as reported by the TARML. Texas will shortly originate its 30,000th reverse mortgage later this year.
