Georgia Reverse Mortgage Information and Facts
Georgia Reverse Mortgage Information Overview
1. Census Data Relevant to the Georgia Reverse Mortgage Market. It is helpful to understand the demographic make-up of Georgia'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| GA | 34.3 | 50 | 9.2 | 51 | 0.8 | 52 | 14.9 | 46 | 66.8 | 42 |
The Census Bureau projects the senior citizen population in Georgia 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 |
|---|---|---|---|---|---|---|
| GA | 980,824 | 10.2 | 49 | 1,907,837 | 15.9 | 39 |
2. Georgia'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 Georgia for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Georgia 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 |
|---|---|---|---|---|
| GA | 0.76 | 24 | 24.74 | 43 |
3. Section HECM Loan Limits for Georgia. 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 Georgia county.
Georgia Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Georgia. Since September 2001, a total of 4,921 HECM reverse mortgages have been endorsed by HUD Offices located in Georgia. Georgia reverse mortgage endorsements represent 1.4% 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 Georgia 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 Georgia 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 |
|---|---|
| ATLANTA | 4,921 |
| Calendar Year | HECM Loans Sep-2001 to Sep-2008 |
|---|---|
| 2001 | 54 |
| 2002 | 287 |
| 2003 | 395 |
| 2004 | 526 |
| 2005 | 551 |
| 2006 | 932 |
| 2007 | 1,521 |
| 2008 | 655 |
5. Georgia Reverse Mortgage Lenders. So, who are Georgia's top reverse mortgage lenders? The following table shows Georgia's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Georgia HECM Lenders | HECM Loans 2008 |
|---|---|
| FINANCIAL FREEDOM SENIOR FUNDI | 70 |
| PARK PLACE REVERSE MORTGAGE IN | 62 |
| WELLS FARGO BANK NA | 59 |
| GENERATION MORTGAGE COMPANY | 58 |
| SENIORS HOME REVERSE MORTGAGE | 31 |
| UNITY MORTGAGE CORP | 24 |
| LIBERTY REVERSE MORTGAGE INC | 22 |
| COUNTRYWIDE BANK FSB | 17 |
| GUARDIAN FIRST FUNDING GROUP L | 17 |
| ACADEMY MORTGAGE LLC | 17 |
| PACIFIC REVERSE MORTGAGE INC | 17 |
| NFM INC | 15 |
| SHELTER MORTGAGE COMPANY LLC | 15 |
| HARTLAND MORTGAGE CENTERS | 13 |
| GREENLIGHT FINANCIAL SERVICES | 12 |
| LIVE WELL FINANCIAL INC | 12 |
| BANK OF AMERICA NA CHARLOTTE | 12 |
| CAPITAL MORTGAGE SERVICES | 11 |
| GREAT OAK MORTGAGE CORPORATION | 11 |
| MORTGAGE SOUTH OF TENNESSEE | 10 |
| OMNI HOME FINANCING INC | 9 |
| FIRST MARINER BANK | 9 |
| EVERBANK REVERSE MORTGAGE LLC | 8 |
| PTF FINANCIAL CORP | 8 |
| MERIDIAN LENDING INC | 6 |
The table below provides a longer term view of Georgia's top 25 lenders looking at the period from September 2001 up to the current month (Sep-2008). For a complete listing of Georgia reverse mortgage lenders, use this Georgia reverse mortgage lender directory.
| Top Georgia HECM Lenders | HECM Loans Sep-2001 to Sep-2008 |
|---|---|
| FINANCIAL FREEDOM SENIOR FUNDI | 933 |
| SAFEWAY MORTGAGE INC | 928 |
| WELLS FARGO BANK NA | 683 |
| AMTRUST MORTGAGE CORPORATION | 210 |
| UNITY MORTGAGE CORP... | 209 |
| WELLS FARGO HOME MORTGAGE INC | 206 |
| PARK PLACE REVERSE MORTGAGE IN | 185 |
| BNY MORTGAGE COMPANY LLC | 147 |
| MORTGAGE SOUTH OF TENNESSEE | 147 |
| GENERATION MORTGAGE COMPANY | 130 |
| SENIORS HOME REVERSE MORTGAGE | 125 |
| SHELTER MORTGAGE COMPANY LLC | 108 |
| PACIFIC REVERSE MORTGAGE INC | 52 |
| LIBERTY REVERSE MORTGAGE INC | 50 |
| FIRST MARINER BANK | 48 |
| CAPITAL MORTGAGE SERVICES | 42 |
| COUNTRYWIDE BANK FSB | 34 |
| OMNI HOME FINANCING INC | 34 |
| SEATTLE MORTGAGE COMPANY | 33 |
| TRANSLAND FINANCIAL SERVICES I | 33 |
| GREAT OAK MORTGAGE CORPORATION | 31 |
| NFM INC | 31 |
| ALLIANCE MORTGAGE CO | 29 |
| LIVE WELL FINANCIAL INC | 24 |
| JARVIS STREET MTG AND INVESTME | 23 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Georgia'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
.
