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REVERSE MORTGAGE INFORMATION: Tools, News and Resources to Help Seniors Decide
Written by admin on Wednesday, October 17th, 2007 in HECM, Reverse Mortage.
Recently, we’ve spent time catching up on some reading. There have been a number of good articles on reverse mortgages published recently by respected sources like Kiplinger and others. A new book on reverse mortgages (The Complete Guide to Reverse Mortgages), has also hit bookstores within the last couple of months and we’re now in the process of reading it. The recent boom in reverse mortgage growth has definitely spawned a spin-off boom of new literature targeted at seniors wanting to learn more about this “new” retirement financing tool.
Most of the reading materials we’re seeing are accurate, even-handed and clearly written.
But we can’t help noticing that they all are missing some extremely important information about reverse mortgages. In fact, in the materials we’ve seen, we don’t recall seeing even a passing mention of this information – information that we believe is absolutely crucial for anyone considering a reverse mortgage to be aware of. (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…)
The number of HECM reverse mortgage endorsements moved lower for the second consecutive month in September. The 7,695 HECM loans endorsed in September was the lowest monthly total since November 2006 and represented a steep 14% drop below the 12-month moving average trend line for HECM loan growth. (more…)
Written by admin on Tuesday, September 4th, 2007 in HECM DB, HECM Research Statistics, Reverse Mortage.
According to figures recently released by HUD, the number of HECM reverse mortgages endorsed during the month of August was down 14% from July, once again repeating the “up-down” alternating monthly pattern evident since February of this year. Still, the August total of 9,006 HECM endorsements represents only the fifth time that monthly HECM totals have surpassed the 9,000 mark and is a 46% increase over the number of HECM reverse mortgage mortgages endorsed in August 2006.
Total HECMs endorsed so far in 2007 are 75,904 a 39% increase over the 54,512 HECMs endorsed in the first eight months of 2006. (more…)
Written by admin on Wednesday, August 1st, 2007 in HECM Research Statistics, Reverse Mortage.
July saw 10,462 Home Equity Conversion Mortgages (HECM) endorsed by HUD making it the second best month on record for HECM endorsements. (10,888 HECMs were endorsed in March 2007.)
For all of 2007, a total of 66,898 HECM reverse mortgages have been endorsed – a 41% jump over the 47,285 HECM loans endorsed in the first seven months of 2007. For the 12-month period ended July 2007, 105,252 HECMs were endorsed, a 47% increase over the 71,650 loans endorsed in the 12-month period ended July 2006. (more…)
The number of Home Equity Conversion Mortgages (HECM) originated in June dropped nearly 15% from the prior month from 10,409 to 8,925. Still, the June figures were enough to push 12-month HECM endorsements past the 100,000 mark for the first time.
Between July 2006 and June 2007, a total of 101,165 HECMs were endorsed according to monthly HECM activity reports issued by the US Department of Housing and Urban Development (HUD). The average number of loans issued each month during this period was 8,430, a 48% increase over the 5,701 loans issued on average during the preceding 12-month period.
Wells Fargo accounted for 2,127 (nearly 24%) of the total HECMs endorsed during June, followed by Financial Freedom with an 8% market share . The Miami-Coral Gables area was the top market for HECMs in June.
The pace of HECM loan growth, while still strong, has definitely slowed somewhat. During the first six months of 2007, 56,436 HECM were endorsed by HUD, a 38% increase over the number endorsed in the first six months of 2006. While still impressive, year-over-year growth is down from 43% in May.
After slipping in April, HECM reverse mortgage loan endorsements (as reported by HUD) posted their second strongest month ever in May. A total of 10,409 HECM loans were endorsed in May. This was only the second time that monthly loan activity has surpassed the 10,000 mark. In March, 10,888 HECM loans were endorsed – the highest ever monthly total. For the most recent 12-month period (June 2006 – May 2007), the average monthly HECM volume was 8,117, the first time this measure has surpassed the 8,000 level.
Year-to-date, a total of 47,511 HECMs were endorsed through May – a 42.5% increase over the 33,338 loans endorsed in same period in 2006. Following is a summary of HECM loan activity since 2002 organized by HUD office location and sorted in order of total HECM loan activity during this period:
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