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Reverse Mortgage Interests, Net (Tables) | 3 Months Ended
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Mar. 31, 2019
Reverse Mortgage Interests [Abstract] |
Reverse Mortgage Interest | Reverse mortgage interests, net consists of the following:
| Successor
Reverse Mortgage Interests, Net | March 31, 2019 |  | December 31, 2018
Participating interests in HECM mortgage-backed securities (“HMBS”), net of $36 and $58 premium, respectively | $ | 5,293 |  |  | $ | 5,664 |
Other interests securitized, net of $112 and $100 discount, respectively | 950 |  |  | 1,064 |
Unsecuritized interests, net of $95 and $122 discount, respectively | 1,254 |  |  | 1,219 |
Reserves | (8 | ) |  | (13 | )
Total reverse mortgage interests, net | $ | 7,489 |  |  | $ | 7,934 |
Unsecuritized interests in reverse mortgages consists of the following:
| Successor
| March 31, 2019 |  | December 31, 2018
Repurchased HECM loans (exceeds 98% MCA) | $ | 941 |  |  | $ | 949 |
HECM related receivables | 270 |  |  | 300 |
Funded borrower draws not yet securitized | 114 |  |  | 76 |
REO-related receivables | 24 |  |  | 16 |
Purchase discount | (95 | ) |  | (122 | )
Total unsecuritized interests | $ | 1,254 |  |  | $ | 1,219 |
The following table sets forth the activities of the purchase premiums and discounts for reverse mortgage interests.
| Successor
| Three Months Ended March 31, 2019
Purchase premiums and discounts for reverse mortgage interests | Net Premium for Participating Interests in HMBS(1) |  | Net Discount for Other Interest Securitized(1) |  | Net Discount for Unsecuritized Interests(1)
Balance - beginning of period | $ | 58 |  |  | $ | (100 | ) |  | $ | (122 | )
Adjustments(2) | (16 | ) |  | (2 | ) |  | (6 | )
Utilization of purchase discounts | — |  |  | 6 |  |  | 22 |
(Amortization)/Accretion | (14 | ) |  | (15 | ) |  | 18 |
Transfers(3) | 8 |  |  | (1 | ) |  | (7 | )
Balance - end of period | $ | 36 |  |  | $ | (112 | ) |  | $ | (95 | )
(1) | Net position as certain items are in a premium/(discount) position, based on the characteristics of underlying tranches of loans.
(2) | Adjustments to premium/(discount) due to revised cost to service assumption utilized in the valuation of reverse mortgage assets and liabilities acquired from the Merger. See Note 2, Acquisitions for additional information.
(3) | Transfer of premium/(discount) based on the transfer of associated loans between categories based upon the underlying loan characteristics.
In connection with previous reverse mortgage portfolio acquisitions, the Predecessor recorded a purchase discount within unsecuritized interests. The following table sets forth the activities of the purchase discounts for reverse mortgage interests.
| Predecessor
Purchase discounts for reverse mortgage interests | Three Months Ended March 31, 2018
Balance - beginning of period | $ | (89 | )
Additions | (7 | )
Accretion | 6 |
Balance - end of period | $ | (90 | )
The activity of the reserves for reverse mortgage interests is set forth below.
| Successor |  |  | Predecessor
Reserves for reverse mortgage interests | Three Months Ended March 31, 2019 |  |  | Three Months Ended March 31, 2018
Balance - beginning of period | $ | 13 |  |  |  | $ | 115 |
Provision | — |  |  |  | 26 |
Write-offs | (5 | ) |  |  | (7 | )
Balance - end of period | $ | 8 |  |  |  | $ | 134 |

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