Reverse Mortgage Production Booms in Early August

The market for FHA reverse mortgages — what the FHA calls Home Equity Conversion Mortgages or HECMs — is booming.

In the first 15 days of August, the FHA endorsed 4,481 HEMCs. To put this number in perspective it’s up 27.4 percent when compared with a year ago.

So far in fiscal 2007, the FHA program has originated 95,370 reverse mortgages to date. That’s up 45.5 percent when compared with a year ago.

The mortgage market may be slowing in general, but the HECM program is doing record business.

This entry was posted on Thursday, August 30th, 2007 at 3:52 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.