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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