The number of seniors taking out reverse mortgage applications fell 1.4% from June, coming in at 8,961 units during July according to a report from the Federal Housing Administration.
It’s the first decrease in the number of HECM applications after five consecutive months of increases. For FY 2010, applications for reverse mortgages are down 44.3%.
During July, FHA endorsed 144,514 single-family mortgages for $25.9 billion. The total number of cases included 108,608 purchases money mortgages and 30,005 refinance mortgages. Additionally, there were 5,901 reverse mortgages endorsed, up 11.3% from June. For FY 2010, HECM endorsements are down 40%.
First time home buyers accounted for 78.6% of the purchase cases. For the refinance transactions, 11,005 were prior FHA’s and 19,000 were conventional conversions to FHA. There were also 12 H4H mortgages insured.