Hawaii Reverse Mortgage Information and Facts
Hawaii Reverse Mortgage Information Overview
1. Census Data Relevant to the Hawaii Reverse Mortgage Market. It is helpful to understand the demographic make-up of Hawaii'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| HI | 38.5 | 12 | 13.6 | 7 | 1.8 | 2 | 22.6 | 3 | 59.7 | 50 |
The Census Bureau projects the senior citizen population in Hawaii 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 |
|---|---|---|---|---|---|---|
| HI | 191,065 | 14.3 | 12 | 326,957 | 22.3 | 11 |
2. Hawaii'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 Hawaii for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Hawaii 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 |
|---|---|---|---|---|
| HI | -0.76 | 29 | 96.59 | 1 |
3. Section HECM Loan Limits for Hawaii. 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 Hawaii county.
Hawaii Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Hawaii. Since September 2001, a total of 2,000 HECM reverse mortgages have been endorsed by HUD Offices located in Hawaii. Hawaii reverse mortgage endorsements represent 0.6% 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 Hawaii 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 Hawaii 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 |
|---|---|
| HONOLULU | 2,000 |
| Calendar Year | HECM Loans Sep-2001 to Sep-2008 |
|---|---|
| 2001 | 6 |
| 2002 | 36 |
| 2003 | 56 |
| 2004 | 72 |
| 2005 | 184 |
| 2006 | 627 |
| 2007 | 734 |
| 2008 | 285 |
5. Hawaii Reverse Mortgage Lenders. So, who are Hawaii's top reverse mortgage lenders? The following table shows Hawaii's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Hawaii HECM Lenders | HECM Loans 2008 |
|---|---|
| FINANCIAL FREEDOM SENIOR FUNDI | 42 |
| COUNTRYWIDE BANK FSB | 36 |
| HAWAII MORTGAGE RESOURCES LLC | 30 |
| CHARTER MORTGAGE LTD | 23 |
| FINANCIAL MORTGAGE USA INC | 22 |
| PRIMARY RESIDENTIAL MORTGAGE I | 21 |
| GOLDEN EMPIRE MORTGAGE INC | 16 |
| JAMES B NUTTER AND COMPANY | 12 |
| US FINANCIAL MORTGAGE CORPOR | 12 |
| BANK OF HAWAII | 10 |
| STAY IN HOME MORTGAGE INC | 8 |
| AMERICAN MORTGAGE GROUP INC | 8 |
| WELLS FARGO BANK NA | 7 |
| MORTGAGE HOUSE INC | 6 |
| COLORADO FEDERAL SAVINGS BANK | 6 |
| CENTRAL PACIFIC HOMELOANS | 6 |
| TERRITORIAL SAVINGS BANK | 4 |
| ACCEPTANCE CAPITAL MORTGAGE CO | 4 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 3 |
| WESTERN STATES MORTGAGE CORP | 2 |
| GUILD MORTGAGE COMPANY | 1 |
| FIRST CLASS MORTGAGE LLC | 1 |
| URBAN FINANCIAL GROUP | 1 |
| WESTERN CAPITAL MORTGAGE | 1 |
| HOMESTREET BANK | 1 |
The table below provides a longer term view of Hawaii's top 25 lenders looking at the period from September 2001 up to the current month (Sep-2008). For a complete listing of Hawaii reverse mortgage lenders, use this Hawaii reverse mortgage lender directory.
| Top Hawaii HECM Lenders | HECM Loans Sep-2001 to Sep-2008 |
|---|---|
| FINANCIAL FREEDOM SENIOR FUNDI | 355 |
| HAWAII MORTGAGE RESOURCES LLC | 271 |
| PRIMARY RESIDENTIAL MORTGAGE I | 258 |
| FINANCIAL MORTGAGE USA INC | 203 |
| WELLS FARGO BANK NA | 140 |
| US FINANCIAL MORTGAGE CORPOR | 107 |
| SEATTLE MORTGAGE COMPANY | 102 |
| LIBERTYSTREET FINANCIAL GROUP | 77 |
| WELLS FARGO HOME MORTGAGE INC | 65 |
| COUNTRYWIDE BANK FSB | 58 |
| GOLDEN EMPIRE MORTGAGE INC | 56 |
| CHARTER MORTGAGE LTD | 54 |
| CENTRAL PACIFIC HOMELOANS | 51 |
| JAMES B NUTTER AND COMPANY | 26 |
| STAY IN HOME MORTGAGE INC | 22 |
| MORTGAGE HOUSE INC | 21 |
| AMERICAN MORTGAGE GROUP INC | 14 |
| COLORADO FEDERAL SAVINGS BANK | 14 |
| SENIOR FREEDOM CORP | 13 |
| BANK OF HAWAII | 10 |
| ACCEPTANCE CAPITAL MORTGAGE CO | 9 |
| TERRITORIAL SAVINGS BANK | 9 |
| WESTERN STATES MORTGAGE CORP | 8 |
| HAWAII HOMELOANS INC | 8 |
| FIRST MAGNUS FINANCIAL CORP | 7 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Hawaii'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
.
