Reverse Mortgages Booming in New York

image Reverse Market Insight published its industry trends for July 2009 and shows that reverse mortgage volume in New York is up 47.1% for the year.  Other states like Florida haven’t been nearly as lucky, with volume down 29% compared to last year.

According to RM Insight, Florida looks a little oversaturated at the moment with 7 of the top 10 zip codes in terms of competition come from the Sunshine State. 

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Other interesting bits of info:

  • Active lenders in July 09 was 1,118, down 9.1% compared to July 2008. 
  • Refinance transactions in July 09 was up 179% compared to July 2008.

This years volume is almost dead even with last year, it’s a virtual dead heat as 2009 numbers trail 2008 by 21 units says RM Insight.

Industry Trends – July 2009

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  • We need to point out again and again, HECMs are not escalating in number the way many reporters claim. Endorsements which may be more backlogged this year over last have plateaued. This claim is either intended to instill fear of an out of control industry (the usual implication) or that “every one is doing it.” Neither of these perceptions is true.

  • Our industries volume will be less this year than last. In 2008 there was a huge boost in Oct because of the increase in lending limits to 417K. We will not have another boom toward year end as last year. 2010 volume will be much lower than 2009 especially if our limits drop from 625K to 417K. Its going to be a very difficult year if we drop to 417K…has anyone heard any news on this? I know our industry leaders are attempting to get this to be a permanent change to the 625 limit but no updates??

    • Mr. Smith,

      There is no credible bill in Congress that would permanently raise the limit to $625,500. Which industry leaders are you referring to?

      You can look at both appropriation bills on the Library of Congress website. The House which passed the bill in July extends the higher limit until 9/30/2010. The Senate version deletes the extension but the full Senate has not considered the bill.

      September (or October) should be a crucial legislative month for the future of HECMs.

  • To Critic,
    I was told AARP and NRMLA are activly attempting to get this to be a permanent change to 625500. I do not have anything to back this statement. It very well may be just a pie in the sky statement? Although, next year is going to be terrible for all if our limits drop back to 417K (in my opinion).

  • To Critic,rnI was told AARP and NRMLA are activly attempting to get this to be a permanent change to 625500. I do not have anything to back this statement. It very well may be just a pie in the sky statement? Although, next year is going to be terrible for all if our limits drop back to 417K (in my opinion).

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