During its last fiscal year, endorsements of reverse mortgages by the Federal Housing Administration jumped by a quarter.
Home-equity conversion mortgage volume was $30.2 billion during fiscal 2009, according to the Fiscal-Year 2011 Budget released today by the U.S. Department of Housing and Urban Development.
During the prior fiscal year, HECM production was $24.2 billion.
The housing agency also noted that FHA market share has risen from less than 2 percent in 2006 to almost a third today.
“HUD partnered with the White House, the Department of Treasury and other Federal regulatory agencies to develop the Making Home Affordable plan, and implement its two major initiatives — the Home Affordable Refinance Program and Home Affordable Modification Program,” HUD’s budget report said. “These programs have helped to preserve homeownership for more than 1 million families.
“In addition, the FHA has in the past year alone helped more than 800,000 homeowners refinance into stable, affordable fixed-rate mortgages and deployed its loss mitigation tools to protect more than half a million families from foreclosure.”
