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Reverse Mortgage Applications Up 5% in July

Applications for Federal Housing Administration-insured reverse mortgages rose 4.9% in July to 7,374 applications, up from 7,032 applications in June. While the change represents an uptick from the previous month, application remain down 3.5% year-over-year, according to the latest FHA housing outlook report. 

Of Home Equity Conversion Mortgages endorsed by FHA in July, all products saw a decline. HECM Saver endorsements declined more than 40% to 247 loans, while the HECM for Purchase count fell from 173 to 137 loans. 

Chart: Reverse Mortgage Application Trends


Reverse Mortgage Application Trends

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To date, HECM applications for fiscal year 2012 lag the 2011 fiscal year by close to 15% following the exit of MetLife from the reverse mortgage business in June, as well as sustained home price declines across the United States. 

Written by Elizabeth Ecker