Ocean County has some of the nation’s highest levels of foreclosures from reverse mortgages its residents took out during the housing bubble in the 2000s, a USA TODAY NETWORK analysis has found.
- New Jersey had more than 19,000 reverse mortgage orginations from 2001 to 2009. Of those, about 15 percent wound up in foreclosure a few years later.
- New Jersey had the fifth-most reverse mortgages nationwide from 2001 to 2009, behind California, Florida, Texas and New York.
- The 08757 ZIP code, home to Holiday City, had 631 originations from 2001 to 2009, the 13th-most nationwide. And it had 118 foreclosures from 2013 to 2017, ranking 26th nationwide.
- Ocean County ZIP codes account for 6.8 percent of the New Jersey population, but 16.3 percent of reverse mortgage originations from 2001 to 2009 and a similar percentage of foreclosures from 2013 to 2017.
Read the full report from app.com
