For the second consecutive month, the production of federally insured reverse mortgages has nudged higher. But activity remains well short of the year-earlier level.
Home-equity conversion mortgages that were endorsed by the Federal Housing Administration during August amounted to 3,197 transactions.
FHA mortgagees lifted endorsement volume from the preceding month, when there were 2,908 loans insured. But activity came in much lower than the 4,927 HECMs that were endorsed in the same month last year.
Source: Mortgage Daily