Delaware Reverse Mortgage Information and Facts
Delaware Reverse Mortgage Information Overview
1. Census Data Relevant to the Delaware Reverse Mortgage Market. It is helpful to understand the demographic make-up of Delaware'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| DE | 37.9 | 16 | 13 | 12 | 1.2 | 32 | 22.7 | 2 | 72.4 | 7 |
The Census Bureau projects the senior citizen population in Delaware 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 |
|---|---|---|---|---|---|---|
| DE | 124,972 | 14.1 | 13 | 237,823 | 23.5 | 9 |
2. Delaware'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 Delaware for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Delaware 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 |
|---|---|---|---|---|
| DE | 0.44 | 31 | 59.93 | 14 |
3. Section HECM Loan Limits for Delaware. 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 Delaware county.
Delaware Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Delaware. Since September 2001, a total of 1,034 HECM reverse mortgages have been endorsed by HUD Offices located in Delaware. Delaware reverse mortgage endorsements represent 0.3% 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 Delaware 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 (Sep-2008). The first chart shows the distribution of HECM loan originations by Delaware 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 Sep-2008 |
|---|---|
| WILMINGTON | 1,034 |
| Calendar Year | HECM Loans Sep-2001 to Sep-2008 |
|---|---|
| 2001 | 9 |
| 2002 | 25 |
| 2003 | 34 |
| 2004 | 89 |
| 2005 | 98 |
| 2006 | 198 |
| 2007 | 414 |
| 2008 | 167 |
5. Delaware Reverse Mortgage Lenders. So, who are Delaware's top reverse mortgage lenders? The following table shows Delaware's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Delaware HECM Lenders | HECM Loans 2008 |
|---|---|
| WILMINGTON SAVINGS FD SOCIETY | 56 |
| WELLS FARGO BANK NA | 34 |
| DELAWARE FINANCIAL CAPITAL | 9 |
| ARLINGTON CAPITAL MORTGAGE | 9 |
| SAVINGS FIRST MORTGAGE LLC | 7 |
| FINANCIAL FREEDOM SENIOR FUNDI | 6 |
| EVERBANK REVERSE MORTGAGE LLC | 4 |
| ACADEMY MORTGAGE LLC | 4 |
| FREEDMONT MORTGAGE CORPORATION | 3 |
| COUNTRYWIDE BANK FSB | 3 |
| FRANK J WEAVER INC | 3 |
| WESTERN CAPITAL MORTGAGE | 3 |
| MORTGAGE NETWORK SOLUTIONS LLC | 3 |
| HARVARD HOME MORTGAGE INC | 3 |
| EMPIRE EQUITY GROUP INC | 2 |
| FIRST MARINER BANK | 2 |
| PACIFIC REVERSE MORTGAGE INC | 2 |
| MARYLAND FINANCIAL RESOURCES I | 2 |
| AMWEST CAPITAL MORTGAGE INC | 2 |
| CARTERET MORTGAGE CORPORATION | 2 |
| MID ATLANTIC CAPITAL LLC | 1 |
| US MORTGAGE CORP | 1 |
| WILMINGTON MORTGAGE SERVICES | 1 |
| OXFORD LENDING GROUP INC | 1 |
| REDWOOD CAPITAL INC | 1 |
The table below provides a longer term view of Delaware's top 25 lenders looking at the period from September 2001 up to the current month (Sep-2008). For a complete listing of Delaware reverse mortgage lenders, use this Delaware reverse mortgage lender directory.
| Top Delaware HECM Lenders | HECM Loans Sep-2001 to Sep-2008 |
|---|---|
| WELLS FARGO BANK NA | 275 |
| FINANCIAL FREEDOM SENIOR FUNDI | 151 |
| WILMINGTON SAVINGS FD SOCIETY | 147 |
| AIG FEDERAL SAVINGS BANK | 76 |
| ACADEMY MORTGAGE LLC | 71 |
| DELAWARE FINANCIAL CAPITAL | 71 |
| WELLS FARGO HOME MORTGAGE INC | 38 |
| BNY MORTGAGE COMPANY LLC | 33 |
| FIRST MARINER BANK | 16 |
| SAVINGS FIRST MORTGAGE LLC | 15 |
| CARTERET MORTGAGE CORPORATION | 13 |
| HARVARD HOME MORTGAGE INC | 12 |
| ARLINGTON CAPITAL MORTGAGE | 10 |
| MORTGAGE NETWORK SOLUTIONS LLC | 9 |
| COMMERCE BANK NA | 7 |
| EVERBANK REVERSE MORTGAGE LLC | 6 |
| PACIFIC REVERSE MORTGAGE INC | 6 |
| REDWOOD CAPITAL INC | 5 |
| WESTERN CAPITAL MORTGAGE | 4 |
| AMERICAN HOME BANK NA | 4 |
| MARYLAND FINANCIAL RESOURCES I | 4 |
| GATEWAY FUNDING DIVERSIFIED MT | 4 |
| FRANK J WEAVER INC | 4 |
| LIVE WELL FINANCIAL INC | 4 |
| M AND T MORTGAGE CORPORATION | 3 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Delaware'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
.
