2008 Reverse Mortgage Statistics

By
Mortgage and Lending with Josh Borba - MLS Mortgage / MLS Reverse Mortgage NMLS #76821

The National Reverse Mortgage Lenders Association (NRMLA) compiled these 2008 year-end statistics about Home Equity Conversion Mortgage production:

  • Overall unit volume of federally insured HECMs was 115,176, up 6.4% from 2007 volume based on data released in December by the Department of Housing and Urban Development.
  • 2,949 lenders endorsed a loan in 2008, a 76.5% increase over the prior year*.
  • The Southeast/Caribbean region finished out the year in the top spot, capturing 25.3% of the industry volume*.
  • Three regions had endorsement growth greater than 20% in the year: Southeast/Caribbean at 21.3%, Southwest at 29.8%, and Rocky Mountain at 25.3%*.
  • New England and Pacific/Hawaii regions' production each declined more than 10% from 2007*.

    *Based on a detailed analysis of HUD data conducted by Reverse Market Insight, Inc. 

     

     

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