Reverse Mortgage Guide

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.

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.