Reverse Mortgage Volume Increases Fifth Consecutive Year
Originatortimes.com, November 24th, 2005
WASHINGTON,
D.C. - For a fifth consecutive year, lenders originated a record number
of federally insured reverse mortgages, and the volume of borrower
applications being processed is even higher, according to the National
Reverse Mortgage Lenders Association.
During the most recent federal fiscal
year, ending September 30, the Federal Housing Administration (an arm
of the Department of Housing and Urban Development), insured 43,131
Home Equity Conversion Mortgages (HECMs) compared to 37,829 the prior
year. HECMs account for 90 percent of all reverse mortgages made in the
U.S
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