Reverse Mortgage magazine Nov-Dec 2020

Numbers A Closer Look at The Home Mortgage Disclosure Act for 2019 The Numbers Show The Data Behind Borrowers Source: Consumer Financial Protection Bureau, August 2020 HMDA report The Consumer Financial Protection Bureau recently released its analysis of the statistics for 2019 from the Home Mortgage Disclosure Act (HMDA). The HMDA allows for the examining of the underlying demographics of who is getting a mortgage, including data on reverse mortgages. HMDA requires companies to have a Loan/Application Register, or LAR, that records details of the application and demographic information. Here is a closer look at some of those numbers. $351,000: Median property value for reverse mortgages in 2019. Median credit score of reverse mortgage borrowers. The number of financial institutions that reported reverse mortgages in 2019, compared to 2018. Median loan amount for reverse mortgages. $163,000: 749: The number of reverse mortgage LARs in 2019 compared to 2018 75,500/90,300: 151/168: Median age of reverse mortgage borrowers. 73: 4.482 percent: Median interest rate for reverse mortgages in 2019, which was down slightly from 4.827 percent in 2018. 36 REVERSE MORTGAGE / NOVEMBER-DECEMBER 2020