1^st Reverse Mortgage USA, a division of Cherry Creek Mortgage Co., Inc. had another record month in October. The division closed 46 loans for just under 13 million dollars ($12,786,520). Year to date, the division has originated 365 units, totaling more than $94,000,000 in reverse mortgage loans; this represents a 58% increase in growth over last year's volume. This ranks the division as one of the top 40 lenders in the country that originate and insure reverse mortgages.

THE HECM for home purchase program was introduced to the reverse mortgage industry in January of this year. It presents a great opportunity to expand the reverse mortgage product to real estate agents as another alternative for senior home buyers. As one of our growth initiatives, the division introduced the HECM for home purchase program to our client base (CCMC branches and banks) this summer. We are excited that 15% of our closings last month were HECM for home purchase, putting us on the road towards becoming one of the industry's leaders for the purchase product. The home purchase program presents a tremendous opportunity for CCMC branches to expand their full service mortgage banking value proposition to their real estate agents by educating and cross-selling the HECM for home purchase program.

While we're pleased with our growth, the community as a whole needs to take advantage of the opportunities that exist for homebuying with Reverse Mortgages.