The number of reverse mortgage applications rose by 4%, or 280 loans in March to 7,075 in total, after rising slightly in February, according to data released by the Department of Housing and Urban development Monday.
March applications year-over-year however, are down nearly 20%.
While reverse mortgage applications have experienced a slow increase in the first months of 2012, endorsements have fallen sharply, and are expected to fall further on a monthly basis in 2012, according to industry estimates.
March marks the mid-way point through current fiscal year 2012. At the halfway mark, the mid-fiscal year HECM application count totals 40,587, HUD reported. There were 95,691 HECM applications in fiscal year 2011, amounting to 73,129 endorsements.
View FHA’s March housing outlook.
Written by Elizabeth Ecker
