It has been five years since the number of federally insured reverse mortgages closed was as high as it was last year. The increased volume was generated by fewer lenders.

The 4,765 home-equity conversion mortgages endorsed by the Federal Housing Administration during December was about the same as the 4,782 the previous month.

But HECM production by FHA mortgagees was slightly stronger compared to the final month of 2016, when the agency endorsed 4,658 reverse mortgages.

Source: Mortgage Daily