Idaho Reverse Mortgage Information and Facts
Idaho Reverse Mortgage Information Overview
1. Census Data Relevant to the Idaho Reverse Mortgage Market. It is helpful to understand the demographic make-up of Idaho'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| ID | 34.6 | 46 | 11.2 | 43 | 1.2 | 32 | 16.7 | 33 | 71.4 | 12 |
The Census Bureau projects the senior citizen population in Idaho 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 |
|---|---|---|---|---|---|---|
| ID | 181,416 | 12.0 | 44 | 361,033 | 18.3 | 31 |
2. Idaho'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 Idaho for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Idaho 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 |
|---|---|---|---|---|
| ID | 0.4 | 12 | 63.03 | 12 |
3. Section HECM Loan Limits for Idaho. 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 Idaho county.
Idaho Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Idaho. Since September 2001, a total of 2,315 HECM reverse mortgages have been endorsed by HUD Offices located in Idaho. Idaho 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 Idaho 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 (Aug-2008). The first chart shows the distribution of HECM loan originations by Idaho 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 Aug-2008 |
|---|---|
| BOISE | 2,315 |
| Calendar Year | HECM Loans Sep-2001 to Aug-2008 |
|---|---|
| 2001 | 29 |
| 2002 | 142 |
| 2003 | 133 |
| 2004 | 247 |
| 2005 | 248 |
| 2006 | 557 |
| 2007 | 680 |
| 2008 | 279 |
5. Idaho Reverse Mortgage Lenders. So, who are Idaho's top reverse mortgage lenders? The following table shows Idaho's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Idaho HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 71 |
| FINANCIAL FREEDOM SENIOR FUNDI | 24 |
| MORTGAGE PLACE LLC | 24 |
| FIRST TENNESSEE BANK NA | 18 |
| REVERSE MORTGAGES OF IDAHO INC | 18 |
| FIRST MARINER BANK | 15 |
| STAY IN HOME MORTGAGE INC | 14 |
| OMNI HOME FINANCING INC | 12 |
| COUNTRYWIDE BANK FSB | 11 |
| FIRST FEDERAL SAVINGS BANK TWI | 7 |
| AFFINITY MORTGAGE CORP | 6 |
| FSI MORTGAGE LLC | 6 |
| MOUNTAIN WEST BANK | 4 |
| CYPRESS HOME LOAN CORP | 3 |
| MONEY EXPRESS FINANCIAL SERVIC | 3 |
| ENVISION LENDING GROUP INC | 3 |
| DAPP INC | 3 |
| GREENLIGHT FINANCIAL SERVICES | 3 |
| QUICK MORTGAGE SERVICES LLC | 3 |
| BANK OF IDAHO | 2 |
| APEX MORTGAGE LLC | 2 |
| UNITED MORTGAGE CORP OF AMERIC | 2 |
| CLEARWATER MORTGAGE INC | 2 |
| CASTLE & COOKE MORTGAGE LLC | 2 |
| NEXUS FINANCIAL GROUP INC | 2 |
The table below provides a longer term view of Idaho's top 25 lenders looking at the period from September 2001 up to the current month (Aug-2008). For a complete listing of Idaho reverse mortgage lenders, use this Idaho reverse mortgage lender directory.
| Top Idaho HECM Lenders | HECM Loans Sep-2001 to Aug-2008 |
|---|---|
| WELLS FARGO BANK NA | 696 |
| INVESTORS WEST MORTGAGE | 400 |
| FINANCIAL FREEDOM SENIOR FUNDI | 252 |
| WELLS FARGO HOME MORTGAGE INC | 106 |
| MORTGAGE PLACE LLC | 94 |
| REVERSE MORTGAGES OF IDAHO INC | 87 |
| FSI MORTGAGE LLC | 79 |
| FIRST MARINER BANK | 60 |
| STAY IN HOME MORTGAGE INC | 43 |
| FIRST TENNESSEE BANK NA | 39 |
| FIRST FEDERAL SAVINGS BANK TWI | 34 |
| MOUNTAIN WEST BANK | 31 |
| SEATTLE MORTGAGE COMPANY | 30 |
| AUDROC INC | 27 |
| COUNTRYWIDE BANK FSB | 21 |
| PREMIER MORTGAGE RESOURCES LLC | 20 |
| ZIONS FIRST NATIONAL BANK | 19 |
| IRELAND BANK | 19 |
| OMNI HOME FINANCING INC | 15 |
| AFFINITY MORTGAGE CORP | 15 |
| CYPRESS HOME LOAN CORP | 14 |
| FAIRWAY INDEPENDENT MORTGAGE C | 13 |
| QUICK MORTGAGE SERVICES LLC | 12 |
| FIRST HORIZON HOME LOAN CORPOR | 11 |
| WR STARKEY MORTGAGE LLP | 8 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Idaho'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
.
