The number of reverse mortgage applications fell 0.4% in November, coming in at 8,217 units according to data released by the Department of Housing and Urban Development (HUD). While the number may not be too exciting, November’s application volume is up 25% from last year.
Overall, Federal Housing Administration applications fell 19.5% during the month, with the HECM performing better than all other products. While only two months into the new fiscal year, HECM applications are up 32.1% from the same period last year.
Endorsements for reverse mortgages came in at 6,559 units during November with a max claim of $1.7 billion according to the report. Endorsement characteristics were up across the board for the most part except for the percentage of HECM refinances falling 0.4%.
To view a copy of the report, see here.