Reverse mortgage volume has declined 6.03% year on year for the month of November.
In November 2007, HUD endorsed 8,270 reverse mortgages compared to 7,771 in November 2008.
This decline comes despite that fact that many borrowers waited until November to close because of the new higher lending limits that went into effect in the last month.
The news came as no surprise to Alesia Fisher, Vice President of Equitable Reverse, who said in an interview, “Given the overall weakness in the economy and uncertainty, I’m surprised that the decline wasn’t even larger.”