In FY 2024, HECM endorsements dropped 17% from FY 2023, totaling 26,501 units, as higher mortgage rates led to a significant decline in the numbers.
The HECM line of credit remains the dominant payment option, representing 93.56% adoption among borrowers, illustrating its flexibility and suitability for retirement planning.
While HECM endorsements peaked by 106% from FY 2019 to FY 2022 in a low-rate environment, they have since faced a 59% decline due to higher rates.
Single women constituted the largest demographic served by the HECM program, emphasizing the importance of understanding borrower profiles in shaping HECM offerings.
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