It's hard to believe that January has already come and gone but there is plenty of good news for the Home Equity Mortgage Conversion sector. Reverse mortgage volume in January 2018 has officially been reported to be the highest since 2011, according to a recent report.
"After months of waiting for evidence of a surge, reverse mortgage origination numbers set a recent record in January," according to Reverse Mortgage Daily.
"Federal Housing Administration-approved reverse mortgage lenders logged 6,313 endorsements last month, making it the best month for the industry since March 2011 according to the most recent numbers from Reverse Market Insight."
While these numbers are absolutely impressive, experts are warning that there could very well be a drop with the latest product changes, according to the report.
"We’ll see next month if that’s the peak endorsement month for this latest product change, but we already know subsequent volume will be greatly reduced given the much lower application and case numbers issued figures after September,” said Dana Point, Calif.-based RMI noted in its analysis, according to RMD.
To learn more about the reverse mortgage volume for January 2018, click on the image above.