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The recognition of the reverse mortgage in a given region depends on the presence of a substantial senior population and a concentration of quite valuable real estate property. San Diego has both of them, and is an illustration of these wide demographic shifts as revealed in the 2010 census. It's no surprise that San Diego reverse mortgage amount has been growing!

The latest census presented that people age 65 and over makes up 13.4% of the United States Of America population, a record high. This progress of the senior portion of the population is being called the biggest demographic shift in history. In the last decade, the senior population grew up to 15.1% across the country, however grew 23.5% in the West, which means that region is leading the demographic shift. California already is the state with the biggest number of senior residents, with 4.2 million, and then Florida with 3.3 million. It is projected that by the year 2030, those 65 will number 72 million and constitute almost 20% of the population.

Within California, San Diego furthermore exemplifies these demographics. The median age is rising in San Diego and is expected to continue to climb up even more as the baby boomers get older. The senior population is not only rising, it is rising at a much faster pace than the total population in the county. The census forecasted that from 2000 to 2030 the 60-plus population of San Diego county will increase by 130%, and the 65-plus population will grow at the same rate, while the county population as a whole will simply have a 38% increase.

The reverse mortgage program commenced in 1988 and is only available to those age 62 and older. There had been 6637 loans created in 2000, with a dollar volume of $827M. This expanded to 114,641 loans in 2009, with a dollar volume of $30.2 billion. Comprehensible by demographics, California and Florida have been vying with one another for the most reverse mortgages originated each year, with California having a broad lead in the overall amount of reverse mortgages originated.

But an aging population is not the only factor in assessing if a Home Equity Conversion Mortgage (the program's more specialised name), or HECM, will take hold in a particular region. Home value is critical. Especially mainly because the borrower can only get a portion of the price, depending on the age of the youngest borrower, the loan becomes more attractive as the value of the home increases and the size of the loan proceeds thus grows up.

However, the home values can't be very high either. The highest value FHA will recognize for purposes of the mortgage loan is $625,500. San Diego's median home value is just about $300,000, something of a Goldilocks median value (just right), and definitely more generally attractive for loan purposes as compared to the median value of homes across US, which is approximately $125,000. This makes San Diego a prime contender for reverse mortgages, being part of the West's aging demographic and having the kind of property values where this sort of loan can make a big impact on a borrower's financial situation. In fact, the San Diego reverse mortgage volume of September 2011 was a year over year rise of more than 11% from September 2010.

Chances are good the San Diego reverse mortgage volume will only continue to grow, especially if, in addition to aging and value factors, the economy goes on to provide challenges to seniors.

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