Recently, the United State Senate Special Committee on Aging held hearings on the problems and opportunities surrounding the rapid growth in reverse mortgages (Reverse Mortgages: Polishing Not Tarnishing The Golden Years). The testimony of witnesses is loaded with some compelling insights (good and bad) and is highly suggested reading for those considering a reverse mortgage.
We thought it worthwhile to re-publish some of the testimony for the benefit of visitors. The first entry is from the daughter of a elderly California homeowner who clearly feels her mother was taken advantage of in the reverse mortgages process: (more…)
For years, California has dominated the reverse mortgage scene accounting for nearly one-third of the total HECMs endorsed as recently as CY2006. Figures through September 2007, however, show that HECM endorsements in the Golden State have fallen sharply when viewed as a percentage of the total HECM activity.
Florida HECM production, meanwhile, continues to be strong and growing in 2007. Indeed, Florida appears poised to surpass California as the top state for HECM endorsements. (more…)
Data for the first seven months of 2006 shows reverse mortgage activity continues to be dominated by the [tag]California reverse mortgage[/tag] market. Of the top ten federal offices for [tag]HECM[/tag] processing, five are [tag]California[/tag] locations: Santa Ana, Los Angeles, Sacremento, San Francisco and Fresno. These five California [tag]HUD[/tag] offices accounted for 13,257 endorsed [tag]HECM loans[/tag], or 28% of the nationwide total of 47,285 endorsed HECM loans through July 2006.
During the sae period in 2005, these five locations accounted for 5,166 (21%) of the total 24,128 endorsed HECM loans. Here’s a complete list of HECM [tag]reverse mortgage[/tag] endorsements by location:
Home Equity Conversion Mortgage Originations by Location for Current Calendar Year
