Reverse Mortgage Applications Rise in June, All Products See Uptick

Home Equity Conversion Mortgage (HECM) applications showed a slight uptick in June, to 7,032, up 0.6% from 6,992 loan applications in May, according to the latest data from the Federal Housing Administration released Friday. 

Both Saver applications and HECM Purchase applications also saw increases during the month, according to FHA’s Single Family Outlook. Saver applications reached 424 in June over May’s total of 351. Purchase reverse mortgages, too, saw an uptick, rising from 132 to 173—more than 30%.

With the latest reverse mortgage endorsement data indicating a very strong downturn due to the exit of MetLife from the reverse mortgage business, application data will be looked to as a strong indicator of future volume, said Reverse Market Insight in a recent report. 

MetLife announced its exit in April 2012 and closed business at the the month’s end. 

Written by Elizabeth Ecker

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