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Reverse Mortgage Interests, Net (Tables) | 6 Months Ended
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Jun. 30, 2019
Reverse Mortgage Interests [Abstract] |
Reverse Mortgage Interest | Unsecuritized interests in reverse mortgages consist of the following:
| Successor
| June 30, 2019 |  | December 31, 2018
Repurchased HECM loans (exceeds 98% MCA) | $ | 896 |  |  | $ | 949 |
HECM related receivables | 281 |  |  | 300 |
Funded borrower draws not yet securitized | 48 |  |  | 76 |
REO-related receivables | 15 |  |  | 16 |
Purchase discount | (97 | ) |  | (122 | )
Total unsecuritized interests | $ | 1,143 |  |  | $ | 1,219 |
Reverse mortgage interests, net consists of the following:
| Successor
Reverse Mortgage Interests, Net | June 30, 2019 |  | December 31, 2018
Participating interests in HECM mortgage-backed securities (“HMBS”), net of $18 and $58 premium, respectively | $ | 4,952 |  |  | $ | 5,664 |
Other interests securitized, net of $84 and $100 discount, respectively | 1,023 |  |  | 1,064 |
Unsecuritized interests, net of $97 and $122 discount, respectively | 1,143 |  |  | 1,219 |
Reserves | (8 | ) |  | (13 | )
Total reverse mortgage interests, net | $ | 7,110 |  |  | $ | 7,934 |
The activity of the reserves for reverse mortgage interests is set forth below.
| Successor |  |  | Predecessor
Reserves for reverse mortgage interests | Three Months Ended June 30, 2019 |  | Six Months Ended June 30, 2019 |  |  | Three Months Ended June 30, 2018 |  | Six Months Ended June 30, 2018
Balance - beginning of period | $ | 8 |  |  | $ | 13 |  |  |  | $ | 134 |  |  | $ | 115 |
Provision (release), net | 2 |  |  | 2 |  |  |  | (6 | ) |  | 20 |
Write-offs | (2 | ) |  | (7 | ) |  |  | (11 | ) |  | (18 | )
Balance - end of period | $ | 8 |  |  | $ | 8 |  |  |  | $ | 117 |  |  | $ | 117 |
The following table sets forth the activities of the purchase premiums and discounts for reverse mortgage interests.
| Successor
| Three Months Ended June 30, 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 | $ | 36 |  |  | $ | (112 | ) |  | $ | (95 | )
Utilization of purchase discounts | — |  |  | 7 |  |  | 5 |
(Amortization)/Accretion | (23 | ) |  | 28 |  |  | (9 | )
Transfers(3) | 5 |  |  | (7 | ) |  | 2 |
Balance - end of period | $ | 18 |  |  | $ | (84 | ) |  | $ | (97 | )
| Successor
| Six Months Ended June 30, 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 | — |  |  | 13 |  |  | 27 |
(Amortization)/Accretion | (37 | ) |  | 13 |  |  | 9 |
Transfers(3) | 13 |  |  | (8 | ) |  | (5 | )
Balance - end of period | $ | 18 |  |  | $ | (84 | ) |  | $ | (97 | )
(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 consistent with 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 June 30, 2018 |  | Six Months Ended June 30, 2018
Balance - beginning of period | $ | (90 | ) |  | $ | (89 | )
Additions | — |  |  | (7 | )
Accretion | 6 |  |  | 12 |
Balance - end of period | $ | (84 | ) |  | $ | (84 | )

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