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March 4th, 2008

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Reverse mortgages fail to take off in India

Reverse mortgages fail to take off in India,

Experts and analysts say that the scheme has failed because of confusion relating to tax treatment

New Delhi: Just 150 and crawling.

That’s the number of loans that Indian senior citizens, whose numbers are estimated at about 80 million, have availed under the so-called reverse mortgage scheme, according to officials of the National Housing Bank, or NHB, the regulator for home finance institutions that piloted the scheme.

Announced in the Union Budget a year ago by P. Chidambaram with much fanfare, a reverse mortgage essentially is a loan against a home that a senior citizen in India would not have to pay back for as long as she lives in that house.

Experts and analysts say that the scheme has failed because of confusion relating to tax treatment.

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Reverse mortgages fail to take off in India

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Written by News & Feeds on March 4th, 2008 with no comments.
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Monthly HECM Activity Nears 11,000 Mark

Monthly HECM Activity Nears 11,000 Mark,

Home Equity Conversion Mortgage (HECM) figures released by HUD show that 10,913 HECMs originated during February 2008 - making this the highest monthly production on record. The previous record month was March 2007 when 10,888 HECMs were recorded.

hecm activity february 2008

More important than the record, however, is the fact that February was the second consecutive strong month for HECMs reversing a four-month spell which saw monthly HECM activity fall below the moving 12-month average. February’s strong performance also brought the 12-moving average to a new record high of 9,249. On an annualized basis this represents out put of 110,988 HECMs for the twelve months ended February 2008.

For more HECM statistics and analysis, visit our HECM database tool.

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Written by News & Feeds on March 4th, 2008 with no comments.
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