Reverse Mortgages
Baby boomer's are closing in on retirement and many haven't saved nearly enough. One bright spot for many is the home equity they've built up. Reverse mortgages are growing in popularity as a tool that let's senior homeowners tap their... [more]
Baby boomer's are closing in on retirement and many haven't saved nearly enough. One bright spot for many is the home equity they've built up. Reverse mortgages are growing in popularity as a tool that let's senior homeowners tap their home equity for living expenses. This Wiki discusses the good, the bad and the ugly sides of reverse mortgages.
Top Reverse Mortgage Lenders Through October 2009
Overall reverse mortgage industry volume fell 7.4% in October 2009, coming in at 8,772 units, bringing YTD volume to 95,902 according to data from Reverse Market Insight. Below is a list of the top HECM lenders through October 2009 and be sure to take a look at the commentary and link below which goes into more detail.
- The Top 10 lenders accounted for 3,845 endorsements in the month, or just under 44% of the volume.
- The number of active lenders in the industry has grown 8.7% vs 2008 levels. We have three HUD regions where the endorsement growth actually outpaced the change in active lenders, a refreshing change for the incumbents. Leading the way in this was the New York/New Jersey region, having 29% Year over Year endorsement growth vs. 15.4% active lender growth. (Pacific/Hawaii and Northwest/Alaska were the other two regions with positive endorsement/lender growth deltas).
- The "New Lenders by Month" chart on the bottom of page 4 reflects the steady decline we’ve had in the number of new lenders entering the industry.
“Market statistics and report sample provided by Reverse Market Insight, the leading source of market intelligence in the reverse mortgage industry. For more information about RMI and to purchase the full MIC report with additional key performance indicators and market statistics, please visit our website at www.rminsight.net“
Technorati Tags: Reverse Mortgage,News,Top HECM Lenders,Mortgage,HECM,FHA,HUD
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