Reverse mortgage endorsement shows extremely positive signs in the early months of 2018, however, that didn't last too long. As March 2018 got underway numbers started to drop causing plenty of concern. Now, experts say the market may be showing signs of bottoming out according to a recent report.
"Reverse Market Insight reported this week; the 3,359 Home Equity Conversion Mortgages endorsed in May represented a 14-unit increase over April," according to Reverse Mortgage Daily.
“This is the biggest sign yet that HECM volume may have bottomed following the substantial program changes that took effect Oct. 2, 2017,” the Dana Point, Calif.-based firm noted in its monthly analysis, as cited by RMD.
In terms of individual companies, some businesses featured high points for May 2018 and others experienced the opposite. Live Well Financial and American Advisors Group were two companies where volume was on the rise. However, the report revealed that 50 percent of the top 10 lenders saw drops in volume.
To learn more about the potential bottoming out of the reverse mortgage market, click on the image above.