The FHA is projecting a decline in the number of reverse mortgage endorsements for the first time in over a decade of steady growth. According to their FHA Outlook, fiscal year year 2010 will see 106,875 reverse mortgage endorsements for FHA insurance. This is down by 13% from 114,691 endorsements in fiscal year 2009. It is interesting that since it become possible in January of 2009 to purchase a home using a reverse mortgage, only 423 of these have occurred in the whole United States. However, 3,420 reverse mortgages for purchase are projected for fiscal year 2010.
