June 18, 2012
As the reverse mortgage industry fights through a wave of major lender exits, HECM Trends identifies bright(er) spots within the overall industry volume decline. In the theme of “location, location, location”, we’re focusing this month on zip codes with the most HECM volume year to date.
While Utah has the top zip code in the country averaging 13 loans per month (proof that our continuing belief in HECM Purchase niche plays is more than just hot air), the remaining 9 are all on the east coast (or beyond in the case of our 3 Puerto Rico zips). That’s pretty unusual by itself, but what’s also driven home is where these zip codes are located – the other 9 are right on the outskirts of major eastern cities.
- Both 11203 and 11434 (9 and 10) on the outskirts of NYC near JFK airport
- 6-8 ranks are all suburbs of San Juan, Puerto Rico (get an expense account for travel and some loans too!)
- 3 and 5 are both suburbs of Washington DC on the Maryland side
- 4 is a suburb of Philadelphia on the PA side
- 2 is a suburb of Orlando in Florida
We don’t point this out because it’s earth shattering (HECMs happen where seniors live), but rather because the presence of such volumes in single zip codes and clusters of zip codes shows how important it is to know where to spend your time and money to generate loans. If you’re marketing in Manhattan you might get a few loans, but would probably get a lot more by focusing in specific parts of Queens or Brooklyn (or even just specific areas of Manhattan!). The same goes for the city you call home.
If you’re not checking where HECMs are happening in volume as part of your marketing plan, you’re missing a big opportunity to get more bang for your marketing bucks.
Check out the full report below by clicking on the image and give us a call if you want more information about your local area.