Month

HECM Cases Endorsed for Insurance by Fiscal Year Also Selected Loan and Borrower Characteristics Month Ending Data June 2008 HECM Home Equity Conversion Mortgage HECM is the only reverse mortgage program insured by the federal government. Hecm loans are insured by the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD). HECM loan amounts are based on borrower age, home value and current interest rates. Payments to the homeowner may be set up as an annuity, or else as a line of credit. The HECM program limits the loan origination costs, and FHA guarantees that the lender will meet their obligations to the homeowner. HECM loans are the lowest-cost multipurpose reverse mortgage available and in most cases they provide the largest total case benefits. FHA ensures that the homeowner will receive all payments due as long as they remain in the home. FHA also guarantees the lender that, when the property is sold, it will receive full payment of the loan balance, up to the maximum claim (guarantee) amount established when the loan is originated. Total HECM Cases Endorsed For Insurance by Fiscal Year of Endorsement Plus Selected Loan and Borrower Characteristics Data As of 06/30/2008 Fiscal Year (Oct 1 to Sep 30) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 *2008 Total Prepared by OE Count of Average Average Average Average Cases Expected Property Value Maximum Average Initial Prin Limit (000) Endorsed Interest Rate * (000) Claim** (000) Borrower Age 9.8 $ 76.7 157 108.7 $ 84.2 $ 39.0 9.3 76.5 389 126.4 97.5 43.5 8.9 76.6 1,019 124.7 97.4 48.6 7.6 75.7 1,964 119.7 97.9 52.6 7.6 75.2 3,365 124.9 103.8 58.0 8.6 76.0 4,166 124.8 105.4 54.3 6.8 75.9 3,596 117.2 103.3 57.3 8.1 75.9 5,208 117.5 105.2 58.0 7.4 75.7 7,895 118.7 107.0 64.3 6.5 75.3 7,923 131.9 117.8 81.6 7.3 76.0 6,637 141.7 124.6 78.6 6.7 75.5 7,789 167.1 140.6 97.4 6.4 75.1 13,049 178.0 151.3 110.0 5.4 74.3 18,084 197.6 165.9 131.3 5.8 74.3 37,790 219.4 182.2 133.9 5.7 73.8 43,082 254.9 206.0 144.4 6.0 73.8 76,282 289.7 235.6 158.9 6.0 73.5 107,368 261.9 229.3 155.7 5.4 $ 73.0 83,743 240.7 $ 217.5 $ 154.6 429,506 Gender of Borrower(s) Single Female 57.3% 56.0% 57.7% 55.0% 54.8% 56.5% 56.4% 56.6% 56.0% 54.8% 56.8% 54.5% 51.4% 48.6% 48.6% 46.0% 44.5% 44.6% 43.6% 46.6% Single Male 16.6% 13.9% 15.0% 14.4% 14.5% 13.5% 12.5% 13.2% 14.1% 14.5% 13.0% 13.7% 14.0% 14.2% 15.2% 16.1% 16.7% 18.2% 20.2% 17.0% Dual Applicants*** 26.1% 30.1% 27.3% 30.7% 30.8% 30.0% 31.1% 30.2% 29.9% 30.7% 30.2% 31.9% 34.7% 37.2% 36.2% 37.9% 38.8% 37.2% 36.2% 36.4% Active Insured Cases Average Unpaid Count Balance (000) 3 $ 107.8 4 107.2 13 120.5 34 102.8 68 105.4 169 102.5 202 94.4 492 91.5 1,203 85.0 1,557 93.7 1,815 85.7 2,602 95.6 5,555 100.8 9,857 118.1 23,359 119.1 33,366 129.6 68,628 133.7 104,014 119.2 83,108 $ 107.7 336,049 $ 119.3 Dollar amounts in thousands * Expected Interest Rate for HECM Is the 10-Yr Constant Maturity Treasury Rate at Closing Plus Lender Margin ** "Maximum Claim" on a HECM loan = lesser of Property Value or FHA loan limit for locality *** Includes all cases with more than one borrower irrespective of gender Active cases are endorsed for insurance and neither terminated (paid in full or claim termination) nor assigned to HUD FHA Single Family Mortgage Insurance HECM Cases Endorsed for Insurance by Fiscal Years HECM Cases Endorsed 120,000 100,000 Number of HECM 80,000 60,000 40,000 20,000 1990 1991 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Data ending 06/2008 2007 1992 1993 *2… 0 FHA Single Family Mortgage Insurance HECM Cases Gender of Borrowers by Fiscal Years Gender of Borrower 70% 60% 50% Percentages 40% 30% 20% 10% 0% 1991 1995 1999 2003 2005 2007 1993 1997 2001 ` Single Female Single Male Dual Applicants*** Data ending 06/2008 HECM Endorsements By Fiscal Year and State Data through 06/30/2008 Endorsement Fiscal Year 1999 2000 2001 30 11 4 27 30 39 38 33 27 197 124 176 1,324 1,031 1,266 363 307 413 226 230 227 40 36 46 33 26 15 500 376 302 66 101 115 44 29 50 28 29 33 56 60 94 439 268 212 154 134 119 44 27 18 40 31 22 185 140 150 46 83 172 159 125 118 27 22 34 227 316 403 78 84 134 65 60 46 26 19 24 55 35 41 134 114 147 3 2 8 22 32 22 12 26 21 375 343 363 54 63 54 72 41 60 570 507 700 236 186 214 124 79 73 229 146 156 307 297 262 78 12 6 40 33 58 24 37 44 9 7 8 82 83 63 332 178 111 122 314 365 337 6 6 16 366 253 342 131 98 55 24 20 14 16 9 12 7,923 6,637 7,789 State AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA PR RI SC SD TN TX UT VA VI VT WA WI WV WY N/A Total 1990 34 9 11 6 15 12 8 3 3 18 18 1 5 2 6 6 157 1991 20 16 10 17 2 7 6 18 1 26 12 10 1 9 35 16 53 1 28 62 1 3 9 26 389 1992 4 36 226 77 7 4 34 47 3 3 16 27 14 7 44 15 24 6 4 33 5 50 20 7 106 4 6 45 37 19 5 31 4 49 1,019 1993 7 100 309 110 7 30 1 45 37 23 21 99 16 13 4 4 79 17 76 63 25 6 78 4 88 13 10 134 31 7 17 109 110 22 62 134 21 24 8 1,964 1994 21 6 86 465 236 68 43 11 146 40 23 4 44 254 19 11 5 42 6 85 25 75 86 33 9 7 97 1 64 135 26 20 367 61 83 14 146 85 21 130 127 5 125 2 3 3 3,365 1995 21 46 76 513 179 129 73 11 85 85 40 15 30 261 51 17 14 47 21 135 6 57 54 26 6 18 74 1 8 47 283 8 19 443 122 67 70 245 46 64 46 50 142 87 33 210 56 15 13 1 4,166 1996 2 23 26 126 443 287 78 31 11 87 51 6 10 30 189 61 9 9 60 7 106 25 49 82 26 13 25 73 7 20 151 21 28 319 107 48 81 252 13 77 11 28 171 99 3 100 86 22 7 3,596 1997 2 20 27 173 614 302 119 38 14 203 50 14 22 65 257 84 33 23 38 43 137 22 71 63 51 7 46 163 7 5 15 281 36 41 494 163 56 108 433 9 64 12 56 178 114 13 340 62 9 11 5,208 1998 8 30 49 181 1,206 324 300 62 52 338 84 36 32 48 510 230 48 45 181 40 177 30 100 68 97 23 53 174 5 21 32 396 59 57 717 272 130 217 318 5 38 21 12 70 166 197 22 413 163 27 11 7,895 2002 9 73 61 230 2,168 703 334 64 26 669 248 37 67 141 465 233 56 49 212 253 207 34 657 245 121 38 70 203 8 60 42 488 117 152 913 438 108 286 473 2 62 87 8 125 692 242 415 30 477 96 25 30 13,049 2003 10 84 90 340 3,459 866 367 78 35 1,341 347 46 131 111 644 320 94 99 136 439 255 72 859 418 185 35 97 398 19 97 55 648 105 250 1,149 506 124 355 527 4 63 124 23 182 943 390 422 27 525 132 24 34 18,084 2004 46 216 115 597 10,230 1,359 682 186 69 3,042 537 71 196 278 1,089 446 149 128 452 907 653 140 1,496 817 427 85 98 438 25 147 182 1,412 201 605 1,812 790 189 642 906 34 144 249 73 256 2,471 540 766 48 885 340 63 61 37,790 2005 23 180 103 821 13,114 1,513 906 255 87 3,111 512 126 150 219 1,236 427 145 131 380 1,147 1,034 176 1,767 693 378 74 94 449 26 197 158 1,450 199 904 1,925 836 288 747 1,064 45 198 214 45 206 2,654 481 797 55 961 295 49 37 43,082 2006 29 298 177 2,725 22,767 1,944 1,563 497 173 7,963 865 498 188 457 1,940 665 228 197 236 2,263 2,203 305 2,053 1,027 754 72 160 756 40 239 382 2,480 314 1,559 3,328 1,117 480 1,492 1,923 19 338 381 73 411 4,122 536 1,528 81 1,727 473 96 140 76,282 2007 59 622 387 4,286 20,206 1,734 2,085 685 374 17,185 1,409 752 324 684 3,059 930 428 391 533 3,401 3,676 415 2,937 1,277 1,678 283 210 1,060 50 260 571 3,876 554 1,897 4,602 1,778 705 2,378 3,604 1 536 761 73 911 5,554 982 2,969 134 2,776 934 255 137 107,368 2008 41 635 501 3,356 11,880 1,276 1,351 524 390 14,502 1,345 567 282 553 2,444 759 349 355 558 2,081 3,264 331 2,486 857 1,330 288 171 1,126 47 226 371 2,775 425 1,452 3,269 1,350 633 1,875 3,000 480 375 756 75 837 4,915 1,191 2,549 5 110 2,283 850 201 91 83,743 Total 274 2,330 1,686 13,630 91,241 12,043 8,672 2,695 1,332 49,939 5,965 2,365 1,516 2,907 13,393 4,669 1,693 1,543 3,350 10,913 12,457 1,714 13,636 6,111 5,332 1,002 1,190 5,535 241 1,357 2,010 15,629 2,303 7,174 21,426 8,213 3,194 8,819 13,939 754 2,389 2,830 406 3,365 21,683 5,633 11,251 5 629 11,882 3,773 847 1 428,886 Currently Active HECM Endorsements By Fiscal Year and State Data through 06/30/2008 Endorsement Fiscal Year 1998 1999 2000 1 11 4 3 10 12 9 8 10 17 30 29 111 136 187 45 90 73 25 27 41 8 3 6 8 9 6 30 42 66 11 11 21 5 3 2 13 16 14 10 8 19 97 93 68 58 46 66 5 7 7 6 8 12 41 59 45 4 5 21 19 38 26 4 8 4 18 65 128 15 21 27 15 13 15 3 6 9 9 14 12 27 44 46 3 1 6 3 15 2 1 4 59 65 65 11 14 21 3 11 11 110 123 156 72 77 75 26 39 33 26 39 33 59 66 87 4 43 8 13 6 11 4 6 16 2 4 3 10 18 31 44 45 44 30 67 126 6 1 67 59 66 30 24 26 2 9 4 0 4 2 1,203 1,557 1,815 State AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA PR RI SC SD TN TX UT VA VI VT WA WI WV WY N/A Total 1990 2 1 3 1991 1 1 2 4 1992 3 3 1 2 1 1 1 1 13 1993 3 2 1 2 3 2 1 1 1 2 5 3 3 1 2 2 34 1994 11 3 1 3 2 7 1 1 2 2 1 1 1 2 1 7 1 1 8 2 5 4 1 68 1995 1 1 18 5 2 5 3 3 10 2 1 1 3 6 1 1 2 1 2 1 1 1 22 5 2 3 11 25 3 2 9 7 6 2 1 169 1996 1 1 7 22 16 1 2 2 1 1 4 6 4 1 5 5 2 8 1 1 7 1 7 26 5 3 3 15 6 5 1 13 6 7 5 1 202 1997 2 5 15 41 28 10 1 1 8 2 2 5 33 10 2 1 4 6 11 2 8 7 5 8 19 2 2 24 4 2 38 23 4 10 58 4 7 3 5 26 8 1 28 4 1 2 492 2001 1 14 13 32 252 176 61 10 8 57 43 12 15 39 57 65 10 9 53 55 33 11 221 51 19 12 20 75 10 11 94 24 12 203 116 33 39 96 5 19 20 4 29 168 49 113 5 99 16 8 5 2,602 2002 5 33 27 61 603 421 125 11 6 165 134 9 35 65 193 143 33 26 103 108 60 13 426 98 64 19 42 106 5 34 23 173 48 47 338 294 64 102 212 26 50 2 74 428 103 153 14 157 49 10 15 5,555 2003 5 49 56 110 1,348 629 197 35 19 557 229 17 90 59 376 216 66 69 85 286 117 42 634 292 117 19 61 253 10 74 38 309 63 83 663 362 78 168 319 4 30 68 18 119 633 207 190 16 246 89 19 18 9,857 2004 38 152 81 238 4,942 1,093 432 97 45 1,439 406 31 154 190 760 331 111 98 303 685 367 104 1,248 637 348 47 68 323 17 115 138 892 138 248 1,215 619 143 318 656 31 101 178 57 190 1,951 288 454 31 457 268 45 41 23,359 2005 20 154 76 519 9,376 1,321 727 183 65 2,228 451 89 122 168 970 363 124 104 289 1,002 742 154 1,589 601 318 57 82 374 23 169 138 1,151 157 686 1,554 725 260 483 872 44 169 169 37 167 2,352 324 611 44 642 254 37 30 33,366 2006 28 267 165 2,494 20,152 1,790 1,388 437 154 7,291 803 428 180 389 1,737 621 208 174 202 2,128 1,956 284 1,939 975 699 66 141 693 36 213 352 2,200 282 1,438 2,982 1,049 450 1,231 1,750 19 317 343 65 365 3,824 410 1,332 76 1,451 439 84 131 68,628 2007 59 599 373 4,194 19,566 1,678 2,004 656 357 16,859 1,382 723 314 660 2,917 905 413 374 518 3,313 3,500 397 2,885 1,240 1,632 275 206 1,027 50 256 558 3,729 535 1,848 4,439 1,728 685 2,277 3,483 1 521 735 71 869 5,428 872 2,850 130 2,629 915 245 134 104,014 2008 41 633 500 3,329 11,786 1,269 1,344 523 388 14,387 1,335 563 280 550 2,430 751 343 354 553 2,069 3,239 330 2,468 850 1,312 285 171 1,118 47 225 367 2,736 421 1,447 3,243 1,343 628 1,858 2,978 479 374 751 74 831 4,872 1,187 2,531 5 110 2,263 846 201 90 83,108 Total 213 1,929 1,325 11,076 68,558 8,642 6,385 1,975 1,066 43,135 4,836 1,888 1,236 2,166 9,758 3,581 1,330 1,238 2,264 9,682 10,123 1,357 11,632 4,827 4,560 798 837 4,116 192 1,122 1,638 11,508 1,719 5,836 15,126 6,497 2,449 6,591 10,674 673 1,606 2,345 337 2,709 19,656 3,625 8,486 5 434 8,181 2,968 666 473 336,049 Definitions Active insured Cases Cases Cs_sts A 2-digit code that reflects the current status of a loan. Value: 04 = Endorsed, HUD has insured the loan. Borrower Age Fndng_dt borr_dt_of_brth/ 365 Endrsmnt_Fy The date on which funds were disbursed Date of birth of the youngest borrower / The number of days in a year. The fiscal year derived from the endorsement date, which is the effective date for mortgage insurance and acceptance by FHA for endorsement. The fiscal year is from October through September of the next year. For example: FY 07 would be from October 2006 through September 2007. This code indicates the gender of the primary borrower who will be the legal property owner at the time of insurance. Values: 1 = Male; 2 = Female; 0 = Information not collected and/or provided by applicant. Code for the sex of the first cobororrower who will be the legal property owner at the time of insurance. Value: 1 = Male; 2 = Female; 0 = information not collected and/or provided by applicant. The initial principal limit established on the loan at closing. It is the present value of loan proceeds that are available to the borrower. Required entry. If the case is not an Adjustable Rate (ARM), Exp Rate = Int Rate; if the case is an ARM, rate must be entered and must not be greater than Fiscal Year Gender of Borrower(s) Borr_gender Co-borr_gender_1 Initial Prin Limit Init_prncpl_lmt Interest Rate Hecm_exp_rate 30. Estimate of the average interest rate for the life of the loan. Maximum Claim Property Value Unpaid Balance Max_clm_amt Prprty_aprsl_vl Tot_loan_bal The maximum claim amount insured for each loan. FHA appraisal amount for the property. The total loan balance for the case.