Endorsements of Home Equity Conversion Mortgages in March jumped to their highest level since March 2011, as seniors took advantage of increasing equity.
Endorsement volume jumped 26.3% month over month to 6,510 endorsements from 5,153 in February, according to the report from Reverse Market Insight. Numbers increased across each of the 10 geographic regions tracked, with the Pacific/Hawaii region seeing the highest overall number of new endorsements, followed by Southeast/Caribbean markets. Meanwhile, Eastern areas had the highest increases by percentage.
Issued by the Department of Housing and Urban Development, home equity conversion mortgages allow homeowners aged 62 and older to tap into the value of their properties.
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