Home Equity Conversion Mortgage (HECM) figures released by HUD show that 9,663 HECMs originated during March 2008, down 11% from the record 10,913 HECMs endorsed in February

The 12-moving average fell from a record high of 9,249 in February to 9,147. On an annualized basis, 109,765 HECMs were originated in the twelve months ended March 2008.

Still, March 2008 represents the sixth best month ever for HECM output.

For more HECM statistics and analysis, visit our HECM database tool.

Home Equity Conversion Mortgage (HECM) figures released by HUD show that 10,913 HECMs originated during February 2008 - making this the highest monthly production on record. The previous record month was March 2007 when 10,888 HECMs were recorded.

More important than the record, however, is the fact that February was the second consecutive strong month for HECMs reversing a four-month spell which saw monthly HECM activity fall below the moving 12-month average. February’s strong performance also brought the 12-moving average to a new record high of 9,249. On an annualized basis this represents out put of 110,988 HECMs for the twelve months ended February 2008.

For more HECM statistics and analysis, visit our HECM database tool.

Rebounding from four consecutive months of below average performance, the number of HECM reverse mortgages originated rebounded in January posting the fourth best monthly performance on record. The 9,957 HECM’s approved in January represented a 24% increase over the 8,007 HECMs endorsed in the prior month (December 2007) and a 13% jump over the 8,824 endorsements made in January 2007. (more…)

At the start of each year, HUD/FHA does a comprehensive update to the single-family mortgage limits that set the maximum amounts that can be loaned under the HECM reverse mortgage program. In 2007, 203b limits were,for the most part, left unchanged and this is again the case for 2008. Only 151 of 326 limits throughout the country were changed in 2008. The vast majority of 203b limits currently in effect date from 2006, as the following table shows: (more…)

HUD has reported Home Equity Conversion Mortgage (HECM) endorsements for December 2007 and, as the chart below shows, growth continues to slow markedly from the first months of 2007.

Key Points: (more…)

Our prior use of a “heat map” showing Home Equity Conversion Mortgage Growth in U.S. States was well received by visitors so we thought we’d make it a monthly feature using data from HUD’s monthly HECM activity reports.

The map below is based on percentage changes HECM growth rates for the 12-month period ended 10/31/07 compared with the 12-month period ended 10/31/06. RED, ORANGE, and YELLOW states all had HECM growth rates exceeding the national average while BLUE and GREEN had growth below the national average. More detailed color code descriptions are included below the map:

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October HECM activity rebounded somewhat from the sharp falloff seen in September, but remained well below the 12-month average. According to HECM MIC reports recently issued by HUD, 8,417 HECMs were endorsed in October, a 9% increase from September’s total of 7,695. But the October total fell about 6 percent under the 12-month moving average of 8,938 monthly HECM endorsements and was, surprisingly, about four percent lower than the 8,789 HECM’s endorsed one year ago in October 2006. (more…)