This week’s reverse mortgage rates are below. These rates are effective for the week beginning November 3, 2009.

APR:

HECM LIBOR 225: 2.494

HECM LIBOR 250: 2.744

HECM LIBOR 275: 2.994

HECM LIBOR 300: 3.244

Expected Rates:

HECM LIBOR 225: 5.91

HECM LIBOR 250: 6.16

HECM LIBOR 275: 6.41

HECM LIBOR 300: 6.66

The HECM LIBOR APR remained almost unchanged for the sixth consecutive week. However, the expected rates continued to rise. This week saw a dramatic increase by .08 for the borrowers.  It will be interesting to see when the APR finally changes, and, when it does, whether the expected rates will adjust is the same direction.

This week’s reverse mortgage rates are below. These rates are effective for the week beginning October 27, 2009.

APR:

HECM LIBOR 225: 2.494

HECM LIBOR 250: 2.744

HECM LIBOR 275: 2.994

HECM LIBOR 300: 3.244

Expected Rates:

HECM LIBOR 225: 5.83

HECM LIBOR 250: 6.08

HECM LIBOR 275: 6.33

HECM LIBOR 300: 6.58

The HECM LIBOR APR remained almost unchanged for the fifth consecutive week. Meanwhile, the expected rates continued to rise, though they only rose by three hundredths of a point.  One wonders when the APR will finally change, and, when it does, in which direction it will go.

This week’s reverse mortgage rates are below. These rates are effective for the week beginning October 20, 2009.

APR:

HECM LIBOR 225: 2.495

HECM LIBOR 250: 2.745

HECM LIBOR 275: 2.995

HECM LIBOR 300: 3.245

Expected Rates:

HECM LIBOR 225: 5.89

HECM LIBOR 250: 6.05

HECM LIBOR 275: 6.30

HECM LIBOR 300: 6.55

The HECM LIBOR APR remained almost unchanged for the fourth consecutive week.  However, expected rates rose significantly. The expected rates are up .15 this week.  One hopes this is not the beginning of an upward trend. After a short week last week, these rates will be good for a full seven days.

This week’s reverse mortgage rates are below. These rates are effective for the week beginning October 14, 2009.

NOTE: The rates initially published on October 13th were incorrect by 1 thousandth of a point. Please consult the rates below moving forward.

APR:

HECM LIBOR 225: 2.495

HECM LIBOR 250: 2.745

HECM LIBOR 275: 2.995

HECM LIBOR 300: 3.245

Expected Rates:

HECM LIBOR 225: 5.65

HECM LIBOR 250: 5.90

HECM LIBOR 275: 6.15

HECM LIBOR 300: 6.40

The HECM LIBOR APR remained almost unchanged for the third consecutive week.  The expected rate only decreased by one hundredth of a point. Due to the Columbus Day Holiday, these rates will only be in effect from October 14th to October 19th.

This week’s reverse mortgage rates are below. These rates are effective for the week beginning October 6, 2009.

APR:

HECM LIBOR 225: 2.494

HECM LIBOR 250: 2.744

HECM LIBOR 275: 2.994

HECM LIBOR 300: 3.244

Expected Rates:

HECM LIBOR 225: 5.66

HECM LIBOR 250: 5.91

HECM LIBOR 275: 6.16

HECM LIBOR 300: 6.41

While the HECM LIBOR APR remained constant this week, the expected rate declined considerably, dropping two tenths of a point. Borrowers should see savings from such an interest rate decline, and hopefully the low rates will continue.  This is the first full week that the new PLF limits will be in effect.

This week’s reverse mortgage rates are below. The rates are effective for the week beginning September 29, 2009.

APR:

HECM LIBOR 225: 2.496

HECM LIBOR 250: 2.746

HECM LIBOR 275: 2.996

HECM LIBOR 300: 3.246

Expected Rates:

HECM LIBOR 225: 5.86

HECM LIBOR 250: 6.11

HECM LIBOR 275: 6.36

HECM LIBOR 300: 6.61

While the HECM LIBOR APR remained constant this week, the expected rate declined slightly. As this is the last week that borrowers will be able to get in under the old Principal Limit Factors (PLF) before the new PLFs go into effect on Thursday, the decline in expected rate is welcome.

This week’s reverse mortgage rates are below. The rates are effective for the week beginning September 22, 2009.

APR:

HECM LIBOR 225: 2.496

HECM LIBOR 250: 2.746

HECM LIBOR 275: 2.996

HECM LIBOR 300: 3.246

Expected Rates:

HECM LIBOR 225: 5.89

HECM LIBOR 250: 6.14

HECM LIBOR 275: 6.39

HECM LIBOR 300: 6.64

The HECM LIBOR rates rose slightly this week for the first time in about a month.  Both the APR and the expected rate went up, though the APR remained nearly the same as the week previously, rising only three one thousandths of a point. The expected rates rose five hundredths of a point.

This week’s reverse mortgage rates are below. The rates are effective for the week beginning September 15, 2009.

APR:

HECM LIBOR 225: 2.493

HECM LIBOR 250: 2.743

HECM LIBOR 275: 2.993

HECM LIBOR 300: 3.243

Expected Rates:

HECM LIBOR 225: 5.84

HECM LIBOR 250: 6.09

HECM LIBOR 275: 6.34

HECM LIBOR 300: 6.59

Both the APR and the expected rate for a reverse mortgage remained nearly the same this week. The APR fell .008 points from last week, while the expected rate only fell by one hundredth of a point.

As this week is not a holiday week, rates will return to being effective for a one week duration.

This week’s reverse mortgage rates are below. The rates are effective for the week beginning September 1, 2009. The HECM CMT will no longer be offered.

APR:

HECM LIBOR 225: 2.509

HECM LIBOR 250: 2.759

HECM LIBOR 275: 3.009

HECM LIBOR 300: 3.259

Expected Rates:

HECM LIBOR 225: 5.98

HECM LIBOR 250: 6.23

HECM LIBOR 275: 6.48

HECM LIBOR 300: 6.73

The rates for the HECM LIBOR this week remained almost the same as last week, rising by one hundredth of a point. As the HECM CMT will no longer be offered, we will no longer report its rates.

This week’s reverse mortgage rates are below. The rates are effective for the week beginning August 25, 2009.

APR:

HECM CMT 300: 3.44

HECM CMT 325: 3.69

HECM CMT 350: 3.94

HECM LIBOR 225: 2.516

HECM LIBOR 250: 2.766

HECM LIBOR 275: 3.016

HECM LIBOR 300: 3.266

Expected Rates:

HECM CMT 300: 6.48

HECM CMT 325: 6.73

HECM CMT 350: 6.98

HECM LIBOR 225: 5.97

HECM LIBOR 250: 6.22

HECM LIBOR 275: 6.47

HECM LIBOR 300: 6.72

Rates fell this week for both the HECM CMT and the HECM LIBOR. The expected rate for the HECM LIBOR fell over two tenths of a point. The expected rate for the HECM CMT fell just under two tenths of a point. It is great to see the rates declining at such a dramatic rate again.

Reminder: The HECM CMT will cease to be offered on September 1st.  This is the last week we will list the rates for the HECM CMT.

This week’s reverse mortgage rates are below. The rates are effective for the week beginning August 18, 2009.

APR:

HECM CMT 300: 3.47

HECM CMT 325: 3.72

HECM CMT 350: 3.97

HECM LIBOR 225: 2.523

HECM LIBOR 250: 2.773

HECM LIBOR 275: 3.023

HECM LIBOR 300: 3.273

Expected Rates:

HECM CMT 300: 6.67

HECM CMT 325: 6.92

HECM CMT 350: 7.17

HECM LIBOR 225: 6.20

HECM LIBOR 250: 6.45

HECM LIBOR 275: 6.70

HECM LIBOR 300: 6.95

The APRs and expected rates for both the HECM CMT and the HECM LIBOR declined this week. While rates for the HECM LIBOR have yet to fall to the level they were at earlier this month, the decline in expected rate of five hundredths of a point will still be nice for borrowers.  The rates for the HECM CMT are the same as they were the week of August 4th.

Reminder: The HECM CMT will cease to be offered on September 1st.

This week’s reverse mortgage rates are below. The rates are effective for the week beginning August 11, 2009.

APR:

HECM CMT 300: 3.49

HECM CMT 325: 3.74

HECM CMT 350: 3.99

HECM LIBOR 225: 2.526

HECM LIBOR 250: 2.776

HECM LIBOR 275: 3.026

HECM LIBOR 300: 3.276

Expected Rates:

HECM CMT 300: 6.77

HECM CMT 325: 7.02

HECM CMT 350: 7.27

HECM LIBOR 225: 6.25

HECM LIBOR 250: 6.50

HECM LIBOR 275: 6.75

HECM LIBOR 300: 7.00

While the APR for both the HECM CMT and the HECM LIBOR remained mostly unchanged from last week, the expected rates for the HECM LIBOR and HECM CMT rose again this week. The increase was fairly significant, amounting to a tenth of a point on the HECM CMT and slightly more than a tenth of a point on the HECM LIBOR.

Reminder: The HECM CMT will cease to be offered on September 1st.

This week’s reverse mortgage rates are below. The rates are effective for the week beginning August 4, 2009.

APR:

HECM CMT 300: 3.49

HECM CMT 325: 3.74

HECM CMT 350: 3.99

HECM LIBOR 250: 2.779

HECM LIBOR 275: 3.029

HECM LIBOR 300: 3.279

Expected Rates:

HECM CMT 300: 6.67

HECM CMT 325: 6.92

HECM CMT 350: 7.17

HECM LIBOR 250: 6.39

HECM LIBOR 275: 6.64

HECM LIBOR 300: 6.89

Rates for the HECM LIBOR and HECM CMT rose again this week, though the APR for the LIBOR declined. However, the rate of increase in expected rates was lower this week than it has been in past weeks.

Reminder: The HECM CMT will cease to be offered on September 1st.

This week’s reverse mortgage rates are below. These rates are effective for the week beginning July 28, 2009.

APR:

HECM CMT 300: 3.47

HECM CMT 325: 3.72

HECM CMT 350: 3.97

HECM LIBOR 250: 2.785

HECM LIBOR 275: 3.035

HECM LIBOR 300: 3.285

Expected Rates:

HECM CMT 300: 6.62

HECM CMT 325: 6.87

HECM CMT 350: 7.12

HECM LIBOR 250: 6.31

HECM LIBOR 275: 6.56

HECM LIBOR 300: 6.81

Rates for the HECM LIBOR and HECM CMT rose again this week, though the APRs for both products declined. The expected rate for the HECM LIBOR rose by a tenth of a point this week, while the expected rate for the HECM CMT rose by seven hundredths of a point. One would hope that the rates will stop rising soon.

This week’s reverse mortgage rates are below. These rates are effective for the week beginning July 21, 2009.

APR:

HECM CMT 300: 3.48

HECM CMT 325: 3.73

HECM CMT 350: 3.98

HECM LIBOR 250: 2.786

HECM LIBOR 275: 3.036

HECM LIBOR 300: 3.286

Expected Rates:

HECM CMT 300: 6.55

HECM CMT 325: 6.80

HECM CMT 350: 7.05

HECM LIBOR 250: 6.21

HECM LIBOR 275: 6.46

HECM LIBOR 300: 6.71

Expected rates for the HECM LIBOR and HECM CMT rose dramatically this week, increasing by over a tenth of a point for each. This occured despite the fact that the APR for the LIBOR declined.

This week’s reverse mortgage rates are below. These rates are effective for the week beginning July 14, 2009.

APR:

HECM CMT 300: 3.46

HECM CMT 325: 3.71

HECM CMT 350: 3.96

HECM LIBOR 250: 2.793

HECM LIBOR 275: 3.043

HECM LIBOR 300: 3.293

Expected Rates:

HECM CMT 300: 6.42

HECM CMT 325: 6.67

HECM CMT 350: 6.92

HECM LIBOR 250: 6.10

HECM LIBOR 275: 6.35

HECM LIBOR 300: 6.60

Both the HECM Libor and the HECM CMT saw significant drops in Expected Rates and APRs this week. Hopefully the rates will continue to fall, as they have the last few weeks.

This week’s reverse mortgage rates are below. These rates are effective for the week beginning July 7, 2009.

APR:

HECM CMT 300: 3.53

HECM CMT 325: 3.78

HECM CMT 350: 4.03

HECM LIBOR 250: 2.801

HECM LIBOR 275: 3.051

HECM LIBOR 300: 3.301

Expected Rates:

HECM CMT 300: 6.53

HECM CMT 325: 6.78

HECM CMT 350: 7.03

HECM LIBOR 250: 6.25

HECM LIBOR 275: 6.50

HECM LIBOR 300: 6.75

Both the HECM Libor and the HECM CMT saw significant drops in Expected Rates this week, although the APR of the HECM CMT rose.

This week’s reverse mortgage rates are below. These rates are effective for the week beginning June 30, 2009.

APR:

HECM 300:  3.48

HECM 325: 3.73

HECM 350: 3.98

HECM LIBOR 250: 2.810

HECM LIBOR 275: 3.060

HECM LIBOR 300: 3.310

Expected Rates:

HECM 300:  6.63

HECM 325: 6.88

HECM 350: 7.13

HECM LIBOR 250: 6.39

HECM LIBOR 275: 6.64

HECM LIBOR 300: 6.89

Both the HECM Libor and the HECM CMT saw significant drops in Expected Rates this week, as well as declines in their APRs.

This week’s reverse mortgage rates are below. These rates are effective for the week beginning June 23, 2009.

APR:

HECM 300:  3.51

HECM 325: 3.76

HECM 350: 4.01

HECM LIBOR 250: 2.817

HECM LIBOR 275: 3.067

HECM LIBOR 300: 3.317

Expected Rates:

HECM 300:  6.75

HECM 325: 7.00

HECM 350: 7.25

HECM LIBOR 250: 6.47

HECM LIBOR 275: 6.72

HECM LIBOR 300: 6.97

Both the HECM Libor and the HECM CMT saw significant drops in Expected Rates this week and small declines in their APRs. Hopefully rates will continue to trend downwards.

This week’s reverse mortgage rates are below. These rates are effective for the week beginning June 16, 2009.

APR:

HECM 300:  3.56

HECM 325: 3.81

HECM 350: 4.06

HECM LIBOR 250: 2.818

HECM LIBOR 275: 3.068

HECM LIBOR 300: 3.318

Expected Rates:

HECM 300:  6.89

HECM 325: 7.14

HECM 350: 7.39

HECM LIBOR 250: 6.72

HECM LIBOR 275: 6.97

HECM LIBOR 300: 7.22

While the expected rate of the HECM LIBOR fell this week, APRs continued to rise dramatically, following a pattern we’ve seen in recent weeks.

This week’s reverse mortgage rates are below. These rates are effective for the week beginning June 9, 2009.

APR:

HECM 300:  3.50

HECM 325: 3.75

HECM 350: 4.00

HECM LIBOR 250: 2.821

HECM LIBOR 275: 3.071

HECM LIBOR 300: 3.321

Expected Rates:

HECM 300:  6.70

HECM 325: 6.95

HECM 350: 7.20

HECM LIBOR 250: 6.52

HECM LIBOR 275: 6.77

HECM LIBOR 300: 7.02

Both the expected rates and the APRs increased for the HECM CMT and the HECM LIBOR this week.  Expected rates continued to rise sharply, continuing last week’s ascent.

This week’s reverse mortgage rates are below. These rates are effective for the week beginning June 2, 2009.

APR:

HECM 300:  3.49

HECM 325: 3.74

HECM 350: 3.99

HECM LIBOR 250: 2.816

HECM LIBOR 275: 3.066

HECM LIBOR 300: 3.316

Expected Rates:

HECM 300:  6.59

HECM 325: 6.84

HECM 350: 7.09

HECM LIBOR 250: 6.29

HECM LIBOR 275: 6.54

HECM LIBOR 300: 6.79

Both the expected rates and the APRs increased for the HECM CMT and the HECM LIBOR this week.  Expected rates have risen sharply.

This week’s reverse mortgage rates are below. These rates are effective for the week beginning May 27, 2009.

APR:

HECM 300:  3.47

HECM 325: 3.72

HECM 350: 3.97

HECM LIBOR 250: 2.813

HECM LIBOR 275: 3.063

HECM LIBOR 300: 3.313

Expected Rates:

HECM 300:  6.29

HECM 325: 6.54

HECM 350: 6.79

HECM LIBOR 250: 5.84

HECM LIBOR 275: 6.09

HECM LIBOR 300: 6.34

Note that while APRs have declined for both the CMT and LIBOR this week, the expected rates have increased.

I spent yesterday at the 2009 NRMLA Chicago conference.  I have to say, I was pleasantly surprised. Not only was it 70 degrees in Chicago (a rarity recently), but the conference was informative, I met some great people, and I got some cool stuff (thanks LiveWell Financial and Genworth!).

I took away some interesting industry insights from the conference.  Some noteworthy pieces of news:

-  In Illinois at least, the Attorney General’s office will step in to help get short pays and keep seniors in their homes (or connect them with social services when they cannot).  Brenda Grauer represented the Office of the Illinois Attorney General, and it made me hopeful to hear so many positive stories where short pays were negotiated or foreclosures were stayed.  It also reminded me to beware of Countrywide, which seems to be the least likely to provide a shortpay to those in need.

- An interesting discussion about the future of the press took place at the session on “Spreading the Good News About Reverse Mortgages.”  Peter Bell, Marty Bell, and Lew Sichelman began a debate on the future of the press. We wondered aloud whether newspapers will survive, and discussed how newspapers were more casualties of the niche marketing revolution than of the Internet.

- The session on “How Can You Help Serve a Client’s Need for a Comprehensive Financial Plan? The Challenges of Working under New Restrictions on “Cross Selling” definitely made one think.  More to come about this session on Monday.

According to the FHA’s Outlook report, HUD expects 210,000 reverse mortgages to be issued between October 2008 and September 2009 (FY 2009).  That represents a roughly 90% increase in reverse mortgages versus FY 2008.

That would be well and good if it weren’t for the fact that recent data suggests the opposite of HUD’s projections.  

Let’s take a look at monthly volumes.  To reach the projection of 210,000 reverse mortgages, the industry would have to average 17,500 reverse mortgages per month.  In October and November, the final tallies were 10,121 and 7,771, respectively.  That means it took the industry 2 months to produce what HUD projected would happen in 1 month.

Combined with projected further declines in property values, I think most industry participants will be happy if 2009 turns out to just be even with 2008, let alone a 90% increase.

Can anyone shed light on why HUD has such a rosy view for 2009?

The original report is here: Outlook Report