While federally-insured reverse mortgage volume is expected to drop next year in response to extensive program changes, endorsements are expected to grow in subsequent years as the United States population ages, according to actuarial projections. Volume of Federal Housing Administration-guaranteed Home Equity Conversion Mortgage (HECM) endorsements grew from fiscal year 2012 to 2013, but is […]
Category: Chart of the Day
Reverse mortgage volume under the Federal Housing Administration’s Home Equity Conversion Mortgage program has fallen year-over-year with a slight decline in the first quarter from the fourth quarter of 2012. In its quarterly report to Congress, the Department of Housing and Urban Development charted the course of reverse mortgages versus forward mortgages, showing forward loans […]
Older Americans have a strong preference toward staying put, a recent Associated Press-Life Goes Strong.com study reaffirms. In surveying more than 1,400 adults, the study reports that people feel they are extremely likely or are very likely to stay at home once they reach age 66, and even for those who are 47-65, the majority […]
Reverse mortgage borrowers are increasingly getting younger according to a recent report by the MetLife Mature Market Institute and the National Council on Aging. Additionally, borrowers are using reverse mortgages for different purposes today versus several years ago. Younger borrowers are using the loans to pay off debt more than in the recent past, the […]
The initial first month cash draw for the HECM Standard far surpasses the first month cash draw for HECM Saver loans, a recent chart created by the Department of Housing and Urban Development depicts. With the saver first month draw at 46.4% of the initial principal limit and at 80.8% for Standard loans, the comparison is […]
The following chart, originally published in Inside Mortgage Finance, charts the volume of initial loan amounts extended to HECM loan borrowers over the course of five quarters. The first quarter of 2011 saw a 4% increase over the previous quarter, while falling short of the first quarter total in 2010 by 4.7%. Chart: HECM Initial […]
Implementing Dodd-Frank is leading to a “mountain” of rules—or at least 2.6 Empire State Buildings’ worth when measured by Federal Register pages laid end to end, according to the following Wall Street Journal infographic. Turning the financial overhaul bill into law has consumed more than 3.3 million printed words, which WSJ equates with 16 copies […]
A recent National Reverse Mortgage Lenders Association (NRMLA) survey shows the importance Americans place on staying in their homes into old age. About 80% of people—including those with and without reverse mortgages—say they would like to stay in their houses, and an even greater number of adults with living parents wish for the same long-term […]
Despite the Federal Housing Administration’s new reverse mortgage product being relatively new, data shows that two lenders are dominating the industry in terms of HECM Saver production by a wide margin. According to data from the Department of Housing and Urban Development, Wells Fargo and MetLife own almost 70% of the market for the HECM […]
New data from IBIS Software shows the dive rates took when the markets crashed in the fall of 2008. “When, and if, times return to normal, a LIBOR with a 2.50% margin will have a materially higher interest rate than the current fixed-rate HECM offerings,” said Jerry Wagner, CEO of IBIS. If the 10 year […]
Subscribe
Receive industry updates and breaking news from RMD