HECM volumes are trending lower this year, with steep drops in many areas of the country
Home Equity Conversion Mortgages are trending lower this year than in recent years, according to a report by Reverse Mortgage Daily.
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.
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.
