Arkansas Reverse Mortgage Information and Facts
Arkansas Reverse Mortgage Information Overview
1. Census Data Relevant to the Arkansas Reverse Mortgage Market. It is helpful to understand the demographic make-up of Arkansas'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| AR | 37 | 27 | 13.5 | 10 | 1.3 | 24 | 16.9 | 27 | 67.8 | 36 |
The Census Bureau projects the senior citizen population in Arkansas 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 |
|---|---|---|---|---|---|---|
| AR | 412,152 | 14.3 | 10 | 656,406 | 20.3 | 23 |
2. Arkansas'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 Arkansas for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Arkansas 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 |
|---|---|---|---|---|
| AR | 0.59 | 19 | 31.37 | 36 |
3. Section HECM Loan Limits for Arkansas. 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 Arkansas county.
Arkansas Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Arkansas. Since September 2001, a total of 1,315 HECM reverse mortgages have been endorsed by HUD Offices located in Arkansas. Arkansas reverse mortgage endorsements represent 0.4% 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 Arkansas 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 (Nov-2008). The first chart shows the distribution of HECM loan originations by Arkansas 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 Nov-2008 |
|---|---|
| LITTLE ROCK | 1,315 |
| Calendar Year | HECM Loans Sep-2001 to Nov-2008 |
|---|---|
| 2001 | 11 |
| 2002 | 74 |
| 2003 | 95 |
| 2004 | 111 |
| 2005 | 111 |
| 2006 | 223 |
| 2007 | 426 |
| 2008 | 264 |
5. Arkansas Reverse Mortgage Lenders. So, who are Arkansas's top reverse mortgage lenders? The following table shows Arkansas's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Arkansas HECM Lenders | HECM Loans 2008 |
|---|---|
| URBAN FINANCIAL GROUP | 58 |
| WELLS FARGO BANK NA | 40 |
| CITIZENS MORTGAGE CORPORATION | 26 |
| FINANCIAL FREEDOM SENIOR FUNDI | 19 |
| JUDITH O SMITH MORTGAGE GROUP | 16 |
| PACIFIC REVERSE MORTGAGE INC | 14 |
| ALLIED HOME MORTGAGE CAPITAL C | 13 |
| BANK OF AMERICA NA CHARLOTTE | 10 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 8 |
| EXPRESS MORTGAGE LLC | 7 |
| OMNI HOME FINANCING INC | 6 |
| WONDER STATE MORTGAGE INC | 6 |
| FIRST CONTINENTAL MTG CORP | 6 |
| EVERBANK REVERSE MORTGAGE LLC | 5 |
| COUNTRYWIDE BANK FSB | 4 |
| MALVERN NATIONAL BANK | 4 |
| FAIRWAY INDEPENDENT MORTGAGE C | 3 |
| PULASKI MORTGAGE CO | 3 |
| MOORE MORTGAGE INC | 3 |
| GREENLIGHT FINANCIAL SERVICES | 3 |
| WATERMARK CAPITAL INC | 1 |
| PINNACLE FINANCIAL SERVICES IN | 1 |
| BANK OF THE OZARKS | 1 |
| JAMES B NUTTER AND COMPANY | 1 |
| LIVE WELL FINANCIAL INC | 1 |
The table below provides a longer term view of Arkansas's top 25 lenders looking at the period from September 2001 up to the current month (Nov-2008). For a complete listing of Arkansas reverse mortgage lenders, use this Arkansas reverse mortgage lender directory.
| Top Arkansas HECM Lenders | HECM Loans Sep-2001 to Nov-2008 |
|---|---|
| WELLS FARGO BANK NA | 298 |
| FINANCIAL FREEDOM SENIOR FUNDI | 278 |
| URBAN FINANCIAL GROUP | 133 |
| WELLS FARGO HOME MORTGAGE INC | 102 |
| SEATTLE MORTGAGE COMPANY | 81 |
| FIRST CONTINENTAL MTG CORP | 78 |
| PACIFIC REVERSE MORTGAGE INC | 45 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 40 |
| ALLIED HOME MORTGAGE CAPITAL C | 27 |
| CITIZENS MORTGAGE CORPORATION | 26 |
| BANK OF SALEM | 25 |
| PULASKI MORTGAGE CO | 25 |
| EXPRESS MORTGAGE LLC | 20 |
| BANK OF AMERICA NA CHARLOTTE | 17 |
| JUDITH O SMITH MORTGAGE GROUP | 16 |
| MOORE MORTGAGE INC | 11 |
| MORTGAGE SOURCE INC | 10 |
| MALVERN NATIONAL BANK | 9 |
| OMNI HOME FINANCING INC | 8 |
| COUNTRYWIDE BANK FSB | 7 |
| GREENLIGHT FINANCIAL SERVICES | 7 |
| WONDER STATE MORTGAGE INC | 6 |
| FAIRWAY INDEPENDENT MORTGAGE C | 6 |
| EVERBANK REVERSE MORTGAGE LLC | 5 |
| HIBERNIA NATIONAL BANK | 4 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Arkansas'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
.
