Reverse Mortgage Securitization Moves Beyond Needs Based Seniors

Housingwire sat in on a reverse mortgage securitization session at the Information Management Network’s 15th annual ABS East conference in Miami and writes that over the last two years the structure has moved beyond the needs-based senior and now see a significant mix of borrowers tapping into the market.

According to HW, panelists said that the reverse mortgage market shifted into into a more fluid product with the share of assets being collateralized growing from modest to more affluent. This year alone, the percentage of owners with homes valued at above $400,000 is increasing to up to 39% of the reverse mortgage claims in some markets.

Securitization of HECMs has skyrocketed over the last year, Ginnie Mae has seen issuance volume of its HMBS product rise from $1.042 billion in FY 2008 to $5.1 billion in FY 2009.


As Reverse Mortgages Grow, so Will Related Securitization

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