Reverse Mortgage Endorsements Continue to Take Hits
Reverse mortgage endorsements are on the downfall and experts are worried that the trend may continue. The slight silver lining comes from January and February 2018's numbers which came in above the previous years.
Unfortunately the good news didn't last for too long. According to a Reverse Mortgage Daily report, these numbers began to slip in March. The total for March was below the 2017 and 2016 mark for the same month.
While there is a clear slide, some cities are seeing stable numbers which means not everyone is feeling the pressure.
"Home Equity Conversion Mortgage lenders logged 15,801 originations during the first three months of the year, the Dana Point, Calif.-based firm determined in its HECM Trends report for the month of March," according to RMD.
"In addition, individual geographic areas showed some positive signs of growth, with recent hotbeds like Washington state and Oregon seeing year-over-year growth of 51.8% and 45.3%, respectively."
Nationwide, the number of reverse mortgage endorsements are not as exciting. Where 2017 saw 6 percent growth in refinance transactions, that number is continuing to slip.
To learn more about the decline in reverse mortgage endorsements, click on the image above.
