The number of reverse mortgage endorsements dropped 13.6% in February 2020. That comes on the heels of what was a red-hot January for home equity conversion mortgages.
The February HECM Lenders report compiled by Reverse Market Insight (RMI) shows, via Reverse Mortgage Daily, 3,386 loans for the month of February 2020, a slight dip compared to the prior month, which recorded the highest endorsement levels since February 2019.
RMI experts don’t see reasons for concern, though. “HECM endorsements declined -13.6% in February, moderating the blistering January pace but still well above levels from early 2019,” said RMI in its commentary.
RMI also reports that three of the 10 regions it follows saw growth in reverse mortgage endorsements; seven dropped. The winners were the Great Plains region; the Rocky Mountain region (which saw the greatest growth in whole numbers, not percentages); and, the Southwest region. The Mid-Atlantic region dropped by 27.7% from January to February.
Read more about February reverse mortgage data.