HECM growth in 2022 will hinge on One Word

HECM growth in 2022 may hinge on one word

If at a glance you said that the growth of HECM endorsements in the fiscal year 2021 was impressive you’d be mostly right. After all, FHA reported 49.207 federally-insured reverse mortgages were endorsed in the fiscal year 2021 which was an 18-percent increase from the prior year. However, one chart inside FHA’s Annual Report to Congress on the performance of the Mutual Mortgage Insurance Fund tells a different story. Over 20-thousand of last year’s 49,207 endorsements came from the refinance of an existing reverse mortgage. Looking closer we see that over four-in-ten HECMs were refinanced and that   HECM-to-HECM refinance volumes more than doubled from the fiscal year 2020.

Knowing this it’s natural to ask ‘how do we expand our market reach, not just the number of HECM transactions’?

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