Reverse mortgage applications received by the Federal Housing Administration rose to 7,508 in November, up 2.5% from October but down 8.6% year-over-year.
The increase represents the first monthly gain since August, and the lowest year-over-year decrease since June 2011, when applications declined 3.7% from their prior-year total, the FHA Housing Outlook for November shows.
Endorsements during November went up by a single endorsement over October, staying almost steady at 4,654, down almost 30% from November 2010. Saver endorsements saw a 10.7% decline.
FHA has received 14,831 HECM applications to date in Fiscal Year 2012.
View the FHA single-family outlook for November.
Written by Elizabeth Ecker
