Reverse mortgage applications submitted to the Department of Housing and Urban Development fell 18.9% in December to 6,092. The total number of applications in the prior month, November, was 7,058, according to the most recent HUD data release in its monthly Federal Housing Administration Single-Family Housing Outlook.
Applications have seen a slow decline since August 2011, with December marking the fourth consecutive monthly downturn for Home Equity Conversion Mortgage applications (see chart), and the lowest level since January 2010.
Year-over-year, December applications fell 26.3% from 8,270 applications in December 2010.
View the FHA Housing Outlook for December.
Written by Elizabeth Ecker