Through September, HECM endorsements are about 17% below their levels for the same period in 2015. On a month-over-month basis, HECMs declined across the top 10 regions tracked by Reverse Market Insight, dropping 14.7% from August.
The New York/New Jersey region saw the biggest annual drop-off, according to Reverse Mortgage Daily. Through September, the region posted 2,565 HECM loans, a decrease of 35.7% from the same period in 2015.
The Mid-Atlantic region saw a 33.1% decrease in HECM loans through September, according to Reverse Mortgage Daily. Philadelphia, the region’s largest market, saw a 37.7% year-over-year decline.
However, some cities saw year-over-year increases in HECM volume, Reverse Mortgage Daily reported. Both Denver and Fargo, N.D., posted increases, helping push the Rocky Mountain region’s volume up by 10.5% from the same period last year. And the Northwest/Alaska region was up 2.4% from 2015, with a total of 2,068 loans through September.
Home Equity Conversion Mortgages are trending lower this year than in recent years, according to a report by