Reverse mortgage lenders in Puerto Rico say they are only scratching the surface of the industry, as stable home values, high homeownership rates, and a significant number of senior homeowners contribute to ideal conditions for a ripe reverse market. While two companies, Senior Mortgage Bankers and Money House, currently dominate the reverse mortgage scene, others, including U.S.-based reverse lender Generation Mortgage, are eager to get in on the action.

Joseph Levis, president of top-20 lender Senior Mortgage Bankers, says his company is only scratching the surface of the industry and that there’s still a huge market to be gained. And both Levis and Generation Mortgage’s Luis Alberto De Jesús Solís, who manages Generation’s newly-opened Puerto Rican branch, cite a more stable home market as a key reason for thriving business.

“In the case of home values, I think that in comparison to most of the states, values here are a little more steady, especially in home prices that range from $75,000 to $250,000 that are the great majority of reverse mortgages in Puerto Rico,” says Levis.

Last month, Generation became the first Top-10 reverse mortgage lender to open a retail branch in Puerto Rico, and Solís says that so far, the response has been very positive. Solís, who came to Generation from a career with Senior Mortgage Bankers, says this is partly because Puerto Rican home values weren’t hit as hard as those in the States.

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