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Housing Data Shows Reverse Mortgage Increase

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A new analysis of Federal data finds the number of federally insured reverse mortgages closed in 2008 grew to 115,176 loans, up 6.4% over the year before.@@

The analysis of data from the U.S. Department of Housing and Urban Development by consulting firm Reverse Market Insight, Aliso Viejo, Calif., also found that 3 of the top 10 reverse-mortgage markets were located in Florida.

The analysis, conducted for the National Reverse Mortgage Lenders Association, Washington also found that 2,949 lenders originated at least 1 home equity conversion mortgage loan in 2008, up 76.5% over 2007.


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