Chart of the Day: Age of HECM Borrowers Dropping Quickly

Reverse Market Insight beat us to the punch with this one.  During the National Reverse Mortgage Lenders Association’s road show last week, John Nixon, an executive at Bank of America said 62 year olds were the most common among recent reverse mortgage borrowers and I was a bit stunned. According to RMI, the average age for […]

MetLife Takes Back Top Wholesale Reverse Mortgage Lender Spot

Wholesale reverse mortgage volume was down 25.8% during May, marking the fourth consecutive month over month decline according to data from Reverse Market Insight. May volume was the lowest in five years and brokers bore the brunt of declining volumes with only 2,058 units says RMI. MetLife was the top wholesale lender in May with 371 units, followed […]

Staying current on reverse mortgages and issues impacting the industry

Industry professionals meeting in California last week at the National Reverse Mortgage Lenders Association’s “Road Show” considered issues ranging from “How to Grow Your Business in a Sluggish Economy” and “New RESPA Rules” to “The Future of the Wholesale/Broker Relationship” and “Ethical Pricing.” Beyond such periodic discussions, the daily challenge for practitioners in the field […]

Chart of the Day: HECM for Purchase History

While the HECM for Purchase program hasn’t taken off as quickly as many in the reverse mortgage industry would’ve liked, data from Reverse Market Insight shows it’s on the right track. Starting in January 2009, only 18 HECM for purchases were endorsed, totaling $6.4 million of loans.  However, by the end of 2009, volume had […]

Reverse Mortgage Applications Trend Higher, When Will Volume Follow?

The Federal Housing Administration reported that reverse mortgage applications were up 2.3% in May, coming it at 8,169 units during the month.  For FY 2010, reverse mortgage applications are down 49.3% from the previous year. May marks the fourth straight month over month increase, but the industry has yet to see the increase result in more […]

Chart of the Day: Consumers Overwhelming Choose Fixed Rate Reverse Mortgage

While it’s no secret fixed rate reverse mortgages have become more popular, you don’t understand how much has changed in the last year unless you look at a chart showing what type of loans are being endorsed each month. Data from the US Department of Housing and Urban Development shows only 3.9% of endorsements during January […]