HUD Says HECM Production Steady
January 31st, 2008
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HUD is reporting that for the first 15 days of January that it had 5,097 reverse mortgage applications — what it calls “HECM” financing. The number is up by nearly a thousand applications when compared with the last two weeks of December — however the last two weeks of December are a holiday period and typically a slower time.
During the January period, HUD insured 4,689 reverse mortgages, a 19.2 percent increase over the final period in December.
Given that there are 24 reporting periods during the year, HUD is again likely to insure more than 100,000 reverse mortgages. In fiscal 2008 — the period that began October 1st, HUD estimates it will insure 117,000 reverse mortgages. To date it has insured 29,375 HECMs, meaning that it’s projection is well within the realm of reason.
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