Reverse Mortgage Volumes Grew By 6% in 2008

Despite the credit crisis and tightening credit requirements in the mortgage market, data released in December by the Department of Housing and Urban Development shows that on a calendar year basis, the number of federally insured Home Equity Conversion Mortgages (HECMs) closed in 2008 grew 6.4% to 115,176 loans. A more detailed analysis of HUD data conducted by Reverse Market Insight, Inc., a consulting firm based in Aliso Viejo, CA, indicates that three of the top 10 markets in the country are located in Florida. Miami was the top market in the country by a 2 to 1 margin. FHA insured 9,561 HECM loans in the Miami metro area, followed by Los Angeles (4,126), Tampa (3,956), Santa Ana, CA (3,695), Baltimore (3,595), Phoenix (3,582), Orlando (3,556), Richmond, VA (3,493), Philadelphia (3,317) and Chicago (3,184) to round out the top 10.

For the full press release from NRMLA, click here.