Alabama Reverse Mortgage Information and Facts
Alabama Reverse Mortgage Information Overview
1. Census Data Relevant to the Alabama Reverse Mortgage Market. It is helpful to understand the demographic make-up of Alabama's reverse mortgage eligible population. The following information comes from the US Census Bureau's 2005 American Community Survey.
| State | Median Age | State Rank | % Pop Over 65 | State Rank | % Pop Over 85 | State Rank | % of Households w/Retirement Income | State Rank | % Owner Occupied | State Rank |
|---|---|---|---|---|---|---|---|---|---|---|
| AL | 37.4 | 21 | 12.9 | 14 | 1.3 | 24 | 19 | 11 | 70.5 | 17 |
The Census Bureau projects the senior citizen population in Alabama will change as follows in the years ahead:
| State | 2010 Projected Pop. Over 65 | 2010 Projected % Pop. Over 65 | State Rank | 2030 Projected Pop. Over 65 | 2030 Projected % Pop. Over 65 | State Rank |
|---|---|---|---|---|---|---|
| AL | 648,889 | 14.1 | 14 | 1,039,160 | 21.3 | 20 |
2. Alabama's Home Value Growth. Home price increases are an important factor in the reverse mortgage decision. The information below comes from the quarterly Housing Price Index (HPI) published by the Office of Federal Housing Enterprise Oversight (OFHEO). These figures indicate the average percentage gain in value for homes in Alabama for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Alabama compare to other states. Clearly, senior homeowners in areas with strong home price appreciation and substantial accumulated home equity are more apt to consider a reverse mortgage as a supplemental source of retirement income. Figures are updated quarterly (most recent update made 2/28/08 reporting 4th Quarter 2007 results).
| State | 1 Year % Home Value Increase | State Rank | 5 Year % Home Value Increase | State Rank |
|---|---|---|---|---|
| AL | 1.08 | 13 | 33.11 | 30 |
3. Section HECM Loan Limits for Alabama. The federally-insured Home Equity Conversion Mortgage (HECM) program has limits on the size of loan that can be insured. These are known as "203b limits" and are set by HUD for each county in each state. Click on the link below for a list of current 203b Limits for each Alabama county.
Alabama Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Alabama. Since September 2001, a total of 1,971 HECM reverse mortgages have been endorsed by HUD Offices located in Alabama. Alabama reverse mortgage endorsements represent 0.5% of the total 361,591 reverse mortgages originated throughout the United States during this timespan.
Over the past few years, the volume of reverse mortgage originations has grown in Alabama as well as the rest of the country. Following are HECM reverse mortgage statisitics for the period from September 2001 up to the current month (Oct-2008). The first chart shows the distribution of HECM loan originations by Alabama HUD Office region and the second chart shows year-to-year HECM loan growth. Further information on HECM loan activity can be found using the HECM Data Tool.
| Federal Office Location | HECM Loans Sep-2001 to Oct-2008 |
|---|---|
| BIRMINGHAM | 1,971 |
| Calendar Year | HECM Loans Sep-2001 to Oct-2008 |
|---|---|
| 2001 | 23 |
| 2002 | 69 |
| 2003 | 115 |
| 2004 | 230 |
| 2005 | 183 |
| 2006 | 349 |
| 2007 | 718 |
| 2008 | 284 |
5. Alabama Reverse Mortgage Lenders. So, who are Alabama's top reverse mortgage lenders? The following table shows Alabama's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Alabama HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 45 |
| MCGOWIN KING MORTGAGE LLC | 39 |
| NFM INC | 22 |
| FINANCIAL FREEDOM SENIOR FUNDI | 21 |
| GENERATION MORTGAGE COMPANY | 19 |
| COUNTRYWIDE BANK FSB | 17 |
| AMERICAN REVERSE MORTGAGE CORP | 14 |
| UNITY MORTGAGE CORP | 11 |
| PACIFIC REVERSE MORTGAGE INC | 10 |
| WORLD ALLIANCE FINANCIAL CORP | 9 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 9 |
| COMMUNITY HOME LENDING INC | 7 |
| FIRST MARINER BANK | 7 |
| IDEAL MORTGAGE BANKERS | 6 |
| LIVE WELL FINANCIAL INC | 5 |
| GREENLIGHT FINANCIAL SERVICES | 4 |
| EQUIPOINT FINANCIAL NETWORK IN | 3 |
| EVERBANK REVERSE MORTGAGE LLC | 3 |
| FIRST REVERSE FINANCIAL SERVIC | 3 |
| FIRST CHOICE FUNDING INC | 2 |
| EAGLE MORTGAGE INC | 2 |
| SUN CAPITAL INC | 2 |
| RBC CENTURA BANK | 2 |
| PARK PLACE REVERSE MORTGAGE IN | 1 |
| AMWEST CAPITAL MORTGAGE INC | 1 |
The table below provides a longer term view of Alabama's top 25 lenders looking at the period from September 2001 up to the current month (Oct-2008). For a complete listing of Alabama reverse mortgage lenders, use this Alabama reverse mortgage lender directory.
| Top Alabama HECM Lenders | HECM Loans Sep-2001 to Oct-2008 |
|---|---|
| WELLS FARGO BANK NA | 461 |
| MCGOWIN KING MORTGAGE LLC | 301 |
| FINANCIAL FREEDOM SENIOR FUNDI | 246 |
| SAFEWAY MORTGAGE INC | 192 |
| AMERICAN REVERSE MORTGAGE CORP | 184 |
| WELLS FARGO HOME MORTGAGE INC | 99 |
| PACIFIC REVERSE MORTGAGE INC | 49 |
| NFM INC | 49 |
| UNITY MORTGAGE CORP... | 40 |
| GENERATION MORTGAGE COMPANY | 36 |
| COUNTRYWIDE BANK FSB | 27 |
| HOMESOUTH MORTGAGE SERVICES IN | 22 |
| VERTICAL LEND INC | 20 |
| FIRST MARINER BANK | 19 |
| SEMINOLE FUNDING INC | 17 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 15 |
| LIVE WELL FINANCIAL INC | 13 |
| BANK INDEPENDENT | 13 |
| CARTERET MORTGAGE CORPORATION | 12 |
| WHITNEY NATIONAL BANK | 11 |
| COMMUNITY HOME LENDING INC | 11 |
| GREENLIGHT FINANCIAL SERVICES | 10 |
| IDEAL MORTGAGE BANKERS | 10 |
| WORLD ALLIANCE FINANCIAL CORP | 9 |
| AMERICAN ADVISORS GROUP | 9 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Alabama's top reverse mortgage lenders, you should consider turning your listing into a clickable hyperlink that will take visitors directly to your company's website. Your "live" link will appear for every state that you rank in the top 25 lenders. Reverse-Mortgage-Information.org is one of the leading sites on the web for seniors seeking independent information about reverse mortgages. For more information,
contact us
.
