Reverse mortgage applications fell 4.9% in January 2012 to 5,795 according to the latest report from the Department of Housing and Urban Development.
While the number of applications fell, it’s far worse than the 18.9% decline in December 2011, which came in at 6,092. But it’s still the fifth consecutive month of application declines for the Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) program.
Year-over-year, January applications fell 21.6% from 7,396 applications in 2011.
Despite applications being down, endorsements came in at 5,175 during the month, up 4,9%. All other categories of the HECM program also performed well, with HECM for purchase volume up 47.7% and the number of Saver loans increasing by 12.2%.
View the report.