FHA Reverse Mortgage Volume At Record Levels

While some of the real estate marketplace looks busted and broke, the demand for FHA reverse mortgages is soaring. New figures from HUD show that in the last two weeks of July a total of 5,821 HECMs were originated — that’s up 52.8 percent over a year ago!

Since October 1st, HUD has churned out 90,889 reverse mortgages. That’s a huge number, up 46.5 percent when compared with a year ago.

You have to wonder: Why is that we need to “modernize” the FHA program? It seems to be doing pretty well as it is.

This entry was posted on Wednesday, August 15th, 2007 at 6:39 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.