Florida Reverse Mortgage Information Overview


1. Census Data Relevant to the Florida Reverse Mortgage Market. It is helpful to understand the demographic make-up of Florida's reverse mortgage eligible population. The following information comes from the US Census Bureau's 2005 American Community Survey.



StateMedian
Age		State
Rank		% Pop
Over 65		State
Rank		% Pop
Over 85		State
Rank		% of
Households
w/Retirement
Income		State
Rank		%
Owner
Occupied		State
Rank
FL39.5616.611.8219.11069.623

The Census Bureau projects the senior citizen population in Florida will change as follows in the years ahead:


State2010
Projected
Pop.
Over 65
2010
Projected
% Pop.
Over 65		State
Rank		2030
Projected
Pop.
Over 65
2030
Projected
% Pop.
Over 65		State
Rank
FL3,418,69717.817,769,45227.11

2. Florida'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 Florida for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Florida 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).



State1 Year %
Home Value
Increase		State
Rank		 5 Year %
Home Value
Increase		State
Rank
FL-1.714977.95

3. Section HECM Loan Limits for Florida. 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 Florida county.



Florida Limits for HECM Loans by County

4. Reverse Mortgage Loan Activity in Florida. Since September 2001, a total of 44,510 HECM reverse mortgages have been endorsed by HUD Offices located in Florida. Florida reverse mortgage endorsements represent 12.3% 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 Florida 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 (Jul-2008). The first chart shows the distribution of HECM loan originations by Florida 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
Jul-2008
CORAL GABLES18,072
JACKSONVILLE6,040
MIAMI1,703
ORLANDO8,781
TAMPA9,914

Calendar
Year 		HECM
Loans
Sep-2001
to
Jul-2008
2001162
2002779
20031,861
20042,860
20053,896
20069,914
200718,023
20087,015

5. Florida Reverse Mortgage Lenders. So, who are Florida's top reverse mortgage lenders? The following table shows Florida's top 25 originators of HUD HECM loans thus far for calendar year 2008:



Top Florida HECM LendersHECM
Loans
2008
WELLS FARGO BANK NA525
FINANCIAL FREEDOM SENIOR FUNDI327
AMERICAN REVERSE MORTGAGE CORP255
COUNTRYWIDE BANK FSB238
WORLD ALLIANCE FINANCIAL CORP205
CIRCLE MORTGAGE CORPORATION146
VALUE FINANCIAL MORTGAGE SERVI130
OASIS LENDING INC122
LOANWELL FINANCIAL CORPORATION119
LIBERTY REVERSE MORTGAGE INC112
FIDELITY FIRST MORTGAGE COMPAN102
OMNI HOME FINANCING INC90
ACADEMY MORTGAGE LLC89
ACCESS REVERSE MORTGAGE CORPOR87
FIRST MARINER BANK86
REVERSE MORTGAGE ASSOCIATES LL84
EQUIPOINT FINANCIAL NETWORK IN81
UPSTATE CAPITAL INC80
CITYONE MORTGAGE BANKERS INC74
PALADIN FINANCIAL SERVICES COR69
BANK OF AMERICA NA CHARLOTTE68
1ST CONTINENTAL MORTGAGE INC67
BHC MORTGAGE NETWORK INC63
AMERICAN ADVISORS GROUP63
EVERBANK REVERSE MORTGAGE LLC62

The table below provides a longer term view of Florida's top 25 lenders looking at the period from September 2001 up to the current month (Jul-2008). For a complete listing of Florida reverse mortgage lenders, use this Florida reverse mortgage lender directory.



Top Florida HECM LendersHECM
Loans
Sep-2001
to
Jul-2008
WELLS FARGO BANK NA6,244
AMERICAN REVERSE MORTGAGE CORP4,789
FINANCIAL FREEDOM SENIOR FUNDI3,393
CIRCLE MORTGAGE CORPORATION2,140
SEATTLE MORTGAGE COMPANY1,110
SEMINOLE FUNDING INC1,055
VALUE FINANCIAL MORTGAGE SERVI1,024
WELLS FARGO HOME MORTGAGE INC921
OMNI HOME FINANCING INC797
ACADEMY MORTGAGE LLC727
VERTICAL LEND INC641
FIFTH THIRD BANK618
AMERICA'S MORTGAGE BROKER LLC598
AMSTAR MORTGAGE CORPORATION581
PALADIN FINANCIAL SERVICES COR571
THIRD COMMUNITY MORTGAGE CORP541
ACCESS REVERSE MORTGAGE CORPOR529
REVERSE MORTGAGE ASSOCIATES LL520
COUNTRYWIDE BANK FSB491
FIRST NATIONAL BANK OF FLORIDA472
STERLING MORTGAGE SVCS INC419
OASIS LENDING INC417
AMSTON MORTGAGE407
LIBERTY REVERSE MORTGAGE INC382
FIRST MARINER BANK373

ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Florida'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 .