About Reverse Mortgages U.S. Government Guarantee for Reverse Mortgages ----------------------------------------------------------------------- The Home Equity Conversion Mortgage (HECM), or Reverse Mortgage is a tool so valuable, with a promise of security so strong, that it was developed by the United States Government and is Insured by the United States Federal Government. A HECM reverse mortgage (Home Equity Conversion Mortgage) is a government-protected financial tool that has helped over 478,000 individuals who are older than 62 improve their lives. It can provide the cash resources necessary to enjoy a fuller life and to stay in your own home. Many safeguards are built into the program to protect seniors from predatory lending practices. We are here to help you through the entire process of your reverse mortgage and we will make this a quick and smooth transaction without you leaving the comfort of your home. That's Our Guarantee To You!
Reverse Mortgages By the NumbersAnnual HECM Production ChartThe HECM is the federally insured reverse mortgage product. It is insured by the Federal Housing Administration (FHA), a branch of the U.S. Department of Housing and Urban Development (HUD). HECMs account for about 90 percent of all reverse mortgages made today in the U.S. Following are the number of HECM loans made in each federal fiscal year since the program began. HUD provides data by federal fiscal year (each federal fiscal year begins October 1 and runs through September 30 of the following year. FY 2006, for instance, began October 1, 2005, and ends September 30, 2006). FY 2009 27,653* FY 2008 112,154 FY 2007 107,558 FY 2006 76,351 FY 2005 43,131 FY 2004 37,829 FY 2003 18,097 FY 2002 13,049 FY 2001 7,781 FY 2000 6,640 FY 1999 7,982 FY 1998 7,896 FY 1997 5,208 FY 1996 3,596 FY 1995 4,165 FY 1994 3,365 FY 1993 1,964 FY 1992 1,019 FY 1991 389 FY 1990 157 loans Total = 478,124 Source of statistics: HUD The record for monthly volume was in February 2008 (10,913). By calendar year, there were 115,176 HECM loans made in 2008; 108,293 in 2007; 85,639 in 2006; 48,493 in 2005; 47,266 in 2004; 21,636 in 2003; 14,181 in 2002; and 8,127 in calendar 2001. *Thru December 2008 |
Contact Me: Simply complete the form below to request a call from a Reverse Mortgage Advisor.
(Bold fields are required) |