HECM Originations Drop In Late December, Says HUD

by Peter G. Miller
January 15th, 2008
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New figures from HUD show that HECMs — reverse mortgages to everyone else — did enormously well in December.

“So far this fiscal year,” says HUD, “FHA has received 297,625 applications under the single family programs. Most of these (93%) involved existing home transactions. In addition, looking at mortgages by type, 113,098 were purchase money applications (38%), 146,183 applications to refinances (49%) and 38,344 HECM transactions (13%).”

HUD’s fiscal year begins October 1st.

For the period between December 16th through December 31st, HUD says that it originated 3,934 HECMs. This is down a little from the first 15 days of December when HUD issued 4,073 reverse mortgages, however such reduced results are not surprising given that the second half of the month is a holiday period.

For the entire month of December, HUD generated 8,007 HECMs.

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This entry was posted on Tuesday, January 15th, 2008 at 1:08 pm 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.

One Response to “HECM Originations Drop In Late December, Says HUD”

  1. Gary FERKO Says:
    January 17th, 2008 at 2:19 am

    Greetings, I have a balance of 170K on a house that was apprased almost 2 years ago for 450K. I am 63, 3 lenders have indicated that that I would need 9k to close. 170 less the 200k max leaves 30k plus the 9k to close. Soooo, it’s going to cost me 39K to do a section 255. Tell me what is wrong with this picture. Thanks, Gary

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