The 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, 2007).
FY 2007 90,882***
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 = 329,511
Source of statistics: HUD
The record for monthly volume was in March 2007 (10,888).
By calendar year, there were 8,127 HECMs made nationwide in calendar 2001; 14,181 in calendar 2002; 21,636 in calendar 2003; 47,266 in calendar 2004; 48,493 in calendar 2005; 85,639 in calendar 2006.
* HECMs couldn’t be made for part of FY 2000 (July to early October 2000) because FHA insurance authority ran out temporarily.
** HUD ran out of insurance authority and couldn’t insured additional HECMs during the last two weeks of September 2003 (the last month in FY 2003).
***Represents loan originations from October 1, 2006 thru the end of July 2007. The federal fiscal year ends on September 30.
