Reverse mortgage applications for September fell 15.2%, according to the most recent Department of Housing and Urban Development data.
Falling to a total of 6,875 applications from 8,105 applications in August, September’s decline marks the second time this year reverse mortgage applications have fallen since April, with September falling harder than April’s 14.4% decrease.
Additionally, September applications are down 7% from September 2011, falling in line with lower overall volume predictions for 2012 when compared to 2011.
The reverse mortgage trend aligns with the entire Federal Housing Administration application performance during the month; FHA reported 142,978 applications overall—down nearly 20% since August, although up 10.8% since September 2011.
Written by Jason Oliva