Iowa Reverse Mortgage Information and Facts
Iowa Reverse Mortgage Information Overview
1. Census Data Relevant to the Iowa Reverse Mortgage Market. It is helpful to understand the demographic make-up of Iowa'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| IA | 38.6 | 11 | 14 | 6 | 1.7 | 4 | 15.9 | 38 | 73.1 | 5 |
The Census Bureau projects the senior citizen population in Iowa 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 |
|---|---|---|---|---|---|---|
| IA | 449,887 | 14.9 | 7 | 663,186 | 22.4 | 10 |
2. Iowa'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 Iowa for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Iowa 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 |
|---|---|---|---|---|
| IA | 0.56 | 23 | 21.79 | 45 |
3. Section HECM Loan Limits for Iowa. 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 Iowa county.
Iowa Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Iowa. Since September 2001, a total of 1,630 HECM reverse mortgages have been endorsed by HUD Offices located in Iowa. Iowa reverse mortgage endorsements represent 0.5% 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 Iowa 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 Iowa 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 |
|---|---|
| DES MOINES | 1,261 |
| SIOUX FALLS | 369 |
| Calendar Year | HECM Loans Sep-2001 to Sep-2008 |
|---|---|
| 2001 | 20 |
| 2002 | 91 |
| 2003 | 177 |
| 2004 | 249 |
| 2005 | 193 |
| 2006 | 327 |
| 2007 | 418 |
| 2008 | 155 |
5. Iowa Reverse Mortgage Lenders. So, who are Iowa's top reverse mortgage lenders? The following table shows Iowa's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Iowa HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 71 |
| FINANCIAL FREEDOM SENIOR FUNDI | 28 |
| URBAN FINANCIAL GROUP | 6 |
| FIRST STEP MORTGAGE GROUP INC | 5 |
| COUNTRYWIDE BANK FSB | 5 |
| OMNI HOME FINANCING INC | 5 |
| JAMES B NUTTER AND COMPANY | 5 |
| PACIFIC REVERSE MORTGAGE INC | 5 |
| JANAN MORTGAGE CORPORATION | 4 |
| POLK COUNTY BANK | 3 |
| LIVE WELL FINANCIAL INC | 3 |
| CREDO MORTGAGE INC | 2 |
| HOME FEDERAL BANK | 2 |
| BLACK HILLS FEDERAL CR UNION | 1 |
| RIVERBEND MORTGAGE INC | 1 |
| EVERBANK REVERSE MORTGAGE LLC | 1 |
| AMWEST CAPITAL MORTGAGE INC | 1 |
| FIRST MIDWEST BANK | 1 |
| FIRST REVERSE FINANCIAL SERVIC | 1 |
| MANUFACTURERS BANK AND TRUST C | 1 |
| RIVER FUNDING CORPORATION | 1 |
| VERIDIAN CREDIT UNION | 1 |
| FIRST MARINER BANK | 1 |
| JOURNEY MORTGAGE INC | 1 |
| GREENLIGHT FINANCIAL SERVICES | 0 |
The table below provides a longer term view of Iowa's top 25 lenders looking at the period from September 2001 up to the current month (Sep-2008). For a complete listing of Iowa reverse mortgage lenders, use this Iowa reverse mortgage lender directory.
| Top Iowa HECM Lenders | HECM Loans Sep-2001 to Sep-2008 |
|---|---|
| WELLS FARGO BANK NA | 843 |
| FINANCIAL FREEDOM SENIOR FUNDI | 317 |
| WELLS FARGO HOME MORTGAGE INC | 292 |
| CHALLENGE FINANCIAL INVESTORS | 37 |
| POLK COUNTY BANK | 17 |
| JOHN DEERE COMMUNITY C U | 13 |
| PACIFIC REVERSE MORTGAGE INC | 9 |
| RIVERBEND MORTGAGE INC | 9 |
| URBAN FINANCIAL GROUP | 8 |
| JANAN MORTGAGE CORPORATION | 8 |
| OMNI HOME FINANCING INC | 7 |
| COUNTRYWIDE BANK FSB | 7 |
| CREDO MORTGAGE INC | 7 |
| JAMES B NUTTER AND COMPANY | 6 |
| FIRST STEP MORTGAGE GROUP INC | 6 |
| MORTGAGE SERVICES INC | 6 |
| LIVE WELL FINANCIAL INC | 5 |
| HOME FEDERAL BANK | 4 |
| CARTERET MORTGAGE CORPORATION | 4 |
| MAJESTIC MORTGAGE CORPORATION | 3 |
| FIRST REVERSE FINANCIAL SERVIC | 3 |
| VERIDIAN CREDIT UNION | 2 |
| GREENLIGHT FINANCIAL SERVICES | 2 |
| CHERRY CREEK MORTGAGE CO INC | 2 |
| FIRST MARINER BANK | 1 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Iowa'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
.
