Reverse mortgage applications saw a strong uptick in August—up nearly 10% to 8,105 applications. The increase was seen over July’s total 7,374 applications tracked by the Department of Housing and Urban Development and marks the fourth month of increase for Home Equity Conversion Mortgage applications.
The monthly total also represents a 2% year-over-year increase over the August 2011 total of 7,940 HECM applications.
Total Federal Housing Administration applications including forward and reverse mortgages, however, fell 2% during August to 178,314 total.
Written by Elizabeth Ecker