Reverse Mortgage magazine Nov-Dec 2020

Alaska 1) Number of reverse mortgages through 2019: 970 Peak year: 2009 (94) Lowest year since: 2019 (15) 2) Unemployment rate (July 2020): 11.6 percent 3) Median household income (2018): $74,346 4) Median home price: $300,889 5) Share of people 55 and older: 25 percent Arizona 1) Number of reverse mortgages through 2019: 34,897 Peak year: 2007 (4,354) Lowest year since: 2012 (965) 2) Unemployment rate (July 2020): 10.6 percent 3) Median household income (2018): $59,246 4) Median home price: $268,765 5) Share of people 55 and older: 30 percent California 1) Number of reverse mortgages through 2019: 211,108 Peak year: 2006 (23,920) Lowest year since: 2012 (6,842) 2) Unemployment rate (July 2020): 13.3 percent 3) Median household income (2018): $75,277 4) Median home price: $554,886 5) Share of people 55 and older: 26 percent Hawaii 1) Number of reverse mortgages through 2019: 5,434 Peak year: 2007 (734) Lowest year since: 2019 (125) 2) Unemployment rate (July 2020): 13.1 percent 3) Median household income (2018): $80,212 4) Median home price: $636,451 5) Share of people 55 and older: 32 percent Idaho 1) Number of reverse mortgages through 2019: 8,124 Peak year: 2009 (919) Lowest year since: 2012 (301 ) 2) Unemployment rate (July 2020): 5 percent 3) Median household income (2018): $55,583 4) Median home price: $285,982 5) Share of people 55 and older: 28 percent Montana 1) Number of reverse mortgages through 2019: 4,132 Peak year: 2009 (486) Lowest year since: 2019 (122) 2) Unemployment rate (July 2020): 6.4 percent 3) Median household income (2018): $55,328 4) Median home price: $277,801 5) Share of people 55 and older: 34 percent Nevada 1) Number of reverse mortgages through 2019: 14,908 Peak year: 2007 (1,922) Lowest year since: 2012 (294) 2) Unemployment rate (July 2020): 14 percent 3) Median household income (2018): $55,328 4) Median home price: $301,753 5) Share of people 55 and older: 29 percent Oregon 1) Number of reverse mortgages through 2019: 23,462 Peak year: 2009 (3,076) Lowest year since: 2014 (707) 2) Unemployment rate (July 2020): 10.4 percent 3) Median household income (2018): $63,426 4) Median home price: $361,970 5) Share of people 55 and older: 31 percent Utah 1) Number of reverse mortgages through 2019: 18,113 Peak year: 2008 (1,763) Lowest year since: 2014 (896) 2) Unemployment rate (July 2020): 4.5 percent 3) Median household income (2018): $71,414 4) Median home price: $348,376 5) Share of people 55 and older: 21 percent Washington 1) Number of reverse mortgages through 2019: 31,896 Peak year: 2009 (3,377) Lowest year since: 2014 (1,131) 2) Unemployment rate (July 2020): 10.3 percent 3) Median household income (2018): $74,073 4) Median home price: $409,228 5) Share of people 55 and older: 29 percent West 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) Closing Time continued on page 30 REVERSE MORTGAGE / NOVEMBER-DECEMBER 2020 29