Reverse Mortgage Applications See 19% December Decline

Reverse mortgage applications submitted to the Department of Housing and Urban Development fell 18.9% in December to 6,092. The total number of applications in the prior month, November, was 7,058, according to the most recent HUD data release in its monthly Federal Housing Administration Single-Family Housing Outlook.

Applications have seen a slow decline since August 2011, with December marking the fourth consecutive monthly downturn for Home Equity Conversion Mortgage applications (see chart), and the lowest level since January 2010.

Chart: Reverse Mortgage Application Trends


Reverse Mortgage Application Trends

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Year-over-year, December applications fell 26.3% from 8,270 applications in December 2010.

View the FHA Housing Outlook for December.

Written by Elizabeth Ecker

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