Government-insured reverse mortgage production turned sharply lower last month, with volume plummeting to the lowest level in more than three years.

The Federal Housing Administration endorsed 3,345 home-equity conversion mortgages during April — the slowest month since 3,256 HECMs were endorsed in August 2014.

The dismal results likely reflect higher up-front FHA mortgage insurance premiums on HECMs, which were significantly raised in October.

Source: Mortgage Daily