California Reverse Mortgage
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One of the more popular search terms (in the realm of reverse mortgages) is California Reverse Mortgage. According to one estimate, this phrase is searched on about 2300 times per month. The top search results for “California reverse mortgage” are websites for reverse mortgage lenders located or operating in California. A few others are government or non-profit sites presenting generic information about reverse mortgages.
We thought it would be useful for searchers to provide a little more substanitive look at California reverse mortgage facts and figures. The best source of data about reverse mortgage activity in California are activity reports for the HUD Home Equity Conversion Mortgage (HECM) program.
As the following table shows, California is by far the leading state in terms of reverse mortgage lending accounting for about 30% of the total HECM loans originated in each of the last three Federal fiscal years (i.e. 12 months ended each September 30).
| HECM Reverse Mortgage Originations | |||||
|---|---|---|---|---|---|
| HUD Location | 2003 | 2004 | 2005 | 2006 | Total |
| FRESNO | 157 | 468 | 942 | 2,462 | 4,029 |
| LOS ANGELES | 999 | 3,345 | 3,916 | 5,760 | 14,020 |
| SACRAMENTO | 358 | 1,300 | 2,162 | 3,626 | 7,446 |
| SAN DIEGO | 476 | 1,285 | 1,000 | 1,759 | 4,520 |
| SAN FRANCISCO | 656 | 1,666 | 2,041 | 3,353 | 7,716 |
| SANTA ANA | 821 | 2,165 | 3,068 | 5,832 | 11,886 |
| Total California | 3,467 | 10,229 | 13,129 | 22,792 | 49,617 |
| As % of Total U.S. | 19.1% | 27.0% | 30.4% | 29.8% | 28.3% |
| Rest of U.S. | 14,639 | 27,620 | 30,036 | 53,585 | 125,880 |
| As % of Total U.S. | 80.9% | 73.0% | 69.6% | 70.2% | 71.7% |
You may wonder which lenders are the leaders in each market. The following table shows the top 10 HECM lenders for each of the five Californai HUD locations for the past two Federal fiscal years:
| Top HECM Lenders in California Markets | ||||
|---|---|---|---|---|
| 2005 | 2006 | Grand Total | ||
| FRESNO | 942 | 2462 | 161.4% | |
| WELLS FARGO BANK NA | 259 | 642 | 147.9% | |
| REVERSE MORTGAGES OF CA IN | 69 | 338 | 389.9% | |
| LIBERTY REVERSE MORTGAGE INC | 140 | 308 | 120.0% | |
| NEW HORIZONS REVERSE MORTGAGE | 0 | 170 | NA | |
| FINANCIAL FREEDOM SENIOR FUNDI | 79 | 139 | 75.9% | |
| PACIFIC REVERSE MORTGAGE INC | 70 | 137 | 95.7% | |
| CARROLLTON MORTGAGE CO | 60 | 123 | 105.0% | |
| SEATTLE MORTGAGE COMPANY | 30 | 68 | 126.7% | |
| LIBERTYSTREET FINANCIAL GROUP | 1 | 33 | 3200.0% | |
| U.S. FINANCIAL MORTGAGE CORPOR | 47 | 33 | -29.8% | |
| All Others | 187 | 471 | 151.9% | |
| LOS ANGELES | 3916 | 5760 | 47.1% | |
| WELLS FARGO BANK NA | 1701 | 2053 | 20.7% | |
| FINANCIAL FREEDOM SENIOR FUNDI | 321 | 428 | 33.3% | |
| SENIOR FUNDING ASSOCIATES | 257 | 324 | 26.1% | |
| LIBERTY REVERSE MORTGAGE INC | 88 | 298 | 238.6% | |
| SEATTLE MORTGAGE COMPANY | 178 | 206 | 15.7% | |
| LIBERTYSTREET FINANCIAL GROUP | 86 | 174 | 102.3% | |
| HOME CENTER MORTGAGE | 16 | 140 | 775.0% | |
| WWMF INC | 121 | 114 | -5.8% | |
| PACIFIC REVERSE MORTGAGE INC | 176 | 104 | -40.9% | |
| LOAN LINK FINANCIAL SERVICES | 3 | 96 | 3100.0% | |
| All Others | 969 | 1823 | 88.1% | |
| SACRAMENTO | 2162 | 3626 | 67.7% | |
| WELLS FARGO BANK NA | 423 | 616 | 45.6% | |
| LIBERTY REVERSE MORTGAGE INC | 432 | 578 | 33.8% | |
| FINANCIAL FREEDOM SENIOR FUNDI | 151 | 288 | 90.7% | |
| CALIFORNIA REVERSE MORTGAGE CO | 322 | 285 | -11.5% | |
| NEW HORIZONS REVERSE MORTGAGE | 2 | 281 | 13950.0% | |
| SEATTLE MORTGAGE COMPANY | 101 | 137 | 35.6% | |
| WWMF INC | 37 | 97 | 162.2% | |
| SACRAMENTO VALLEY FINANCIAL | 64 | 81 | 26.6% | |
| PACIFIC REVERSE MORTGAGE INC | 84 | 76 | -9.5% | |
| SENIOR FREEDOM CORP | 0 | 74 | NA | |
| All Others | 546 | 1113 | 103.8% | |
| SAN DIEGO | 1000 | 1759 | 75.9% | |
| WELLS FARGO BANK NA | 289 | 427 | 47.8% | |
| FINANCIAL FREEDOM SENIOR FUNDI | 107 | 125 | 16.8% | |
| LIBERTYSTREET FINANCIAL GROUP | 41 | 102 | 148.8% | |
| FIRST CALIFORNIA FUNDING GROUP | 52 | 91 | 75.0% | |
| LIBERTY REVERSE MORTGAGE INC | 1 | 87 | 8600.0% | |
| AMERICAN MORTGAGE PROFESSIONAL | 33 | 83 | 151.5% | |
| SENIOR AMERICAN FUNDING INC | 77 | NA | ||
| PACIFIC REVERSE MORTGAGE INC | 65 | 75 | 15.4% | |
| SCME MORTGAGE BANKERS INC | 46 | 73 | 58.7% | |
| CLARION MORTGAGE CAPITAL INC | 95 | 69 | -27.4% | |
| All Others | 271 | 550 | 103.0% | |
| SAN FRANCISCO | 2041 | 3353 | 64.3% | |
| WELLS FARGO BANK NA | 818 | 1073 | 31.2% | |
| LIBERTY REVERSE MORTGAGE INC | 153 | 334 | 118.3% | |
| FINANCIAL FREEDOM SENIOR FUNDI | 148 | 216 | 45.9% | |
| SEATTLE MORTGAGE COMPANY | 140 | 211 | 50.7% | |
| SENIORS REVERSE MORTGAGE | 59 | 161 | 172.9% | |
| SEQUOIA MORTGAGE CAPITAL INC | 32 | 103 | 221.9% | |
| SENIOR FINANCE CENTER | 59 | 102 | 72.9% | |
| NEW HORIZONS REVERSE MORTGAGE | 0 | 83 | NA | |
| REVERSE MORTGAGES OF CA IN | 34 | 81 | 138.2% | |
| ADVENT MORTGAGE CO INC | 72 | 61 | -15.3% | |
| All Others | 526 | 928 | 76.4% | |
| SANTA ANA | 3068 | 5832 | 90.1% | |
| WELLS FARGO BANK NA | 1108 | 1594 | 43.9% | |
| HOME CENTER MORTGAGE | 100 | 592 | 492.0% | |
| FINANCIAL FREEDOM SENIOR FUNDI | 274 | 360 | 31.4% | |
| LIBERTY REVERSE MORTGAGE INC | 94 | 332 | 253.2% | |
| LOAN LINK FINANCIAL SERVICES | 17 | 206 | 1111.8% | |
| LIBERTYSTREET FINANCIAL GROUP | 93 | 197 | 111.8% | |
| SEATTLE MORTGAGE COMPANY | 102 | 141 | 38.2% | |
| REVERSE MORTGAGE LENDING INC | 13 | 132 | 915.4% | |
| PACIFIC REVERSE MORTGAGE INC | 221 | 115 | -48.0% | |
| WWMF INC | 66 | 112 | 69.7% | |
| All Others | 980 | 2051 | 109.3% | |
If your are interested in pursuing a reverse mortgage in California, you may want to check out these directories of California Reverse Mortgage Counselors and California Reverse Mortgage Lenders.
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