Reverse Mortgage Endorsements are Starting to Climb
The lower principal limit factors look to be paying off for Home Equity Conversion Mortgages in the month of October. New reports see an increase in endorsement numbers following the changes.
"Home Equity Conversion Mortgage endorsements crept up 6.3% between October and November, with Federal Housing Administration-approved lenders turning in 4,782 loans," according Reverse Mortgage Daily.
"That’s according to the most recent report from industry analysts Reverse Market Insight, which credited the rush of applicants ahead of the deadline for the jump — but also offered a warning."
What's more important to note is that all sectors of the reverse mortgage industry contributed to the increase. The report claims that originators and even housing counselors contributed to the overall surge.
These numbers should be taken with a grain of salt because the full effects of the lower principal limit factors still remain to be seen. For more on the recent surge click on the image above.