Number of Reverse Mortgage Applications Up 8.8% says FHA

NewImage.jpgThe number of reverse mortgage applications rose 8.8% in June, coming in at 9,088 units according to the Federal Housing Administration.  June marks the fifth consecutive month over month increase in HECM applications.

As applications continue to rise, reverse mortgage volume should follow in the coming months.

In June, FHA insured 150,911 mortgages, totaling $26.4 billion.  Of those loans, 5,304 were reverse mortgages with a max claim of $1.3 billion, marking the fist increase in volume during 2010, up 16.5% from May.

HECM for purchase saw an increase during the month as well, up 36% with 101 units.

As of June 30, 532,757 mortgages were at least 90 days or more in a delinquent status for a seriously default rate of 8.3%.

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