FHA Reverse Mortgage Production Tops 100,000 in ‘07

by Peter G. Miller
October 18th, 2007
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The demand for FHA reverse mortgages — what the government calls home equity conversion mortgages (HECMs) — rose enormously during fiscal 2007, the period which ended September 30th.

Figures from HUD show that 107,558 reverse mortgages were originated in fiscal 2007 — that’s up 40.9 percent over fiscal 2006.

Reverse mortgage growth was a huge benefit to FHA. In total, 532,337 FHA loans were issued in fiscal 2007, meaning that reverse mortgages represented 20 percent of all FHA loan originations.

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This entry was posted on Thursday, October 18th, 2007 at 9:42 am and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “FHA Reverse Mortgage Production Tops 100,000 in ‘07”

  1. $30,000 For A Reverse Mortgage? : The OurBroker® Real Estate Information Center Says:
    September 20th, 2008 at 3:57 pm

    [...] says it originated more than 100,000 reverse mortgages in fiscal 2007, a figure that rose 40 percent when compared with a year [...]

  2. Are Reverse Mortgage Premiums Justified? : The OurBroker® Real Estate Information Center Says:
    September 20th, 2008 at 4:18 pm

    [...] most of the mortgage marketplace is in a funk, reverse mortgages are a significant bright spot. HUD says it originated more than 107,000 reverse mortgages in fiscal 2007 — a figure up more than 40 [...]

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