Illinois Reverse Mortgage Information and Facts
Illinois Reverse Mortgage Information Overview
1. Census Data Relevant to the Illinois Reverse Mortgage Market. It is helpful to understand the demographic make-up of Illinois'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| IL | 35.6 | 41 | 11.5 | 41 | 1.3 | 24 | 16.2 | 37 | 69.9 | 20 |
The Census Bureau projects the senior citizen population in Illinois 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 |
|---|---|---|---|---|---|---|
| IL | 1,600,863 | 12.4 | 39 | 2,412,177 | 18.0 | 34 |
2. Illinois'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 Illinois for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Illinois 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 |
|---|---|---|---|---|
| IL | 0.59 | 30 | 36.18 | 27 |
3. Section HECM Loan Limits for Illinois. 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 Illinois county.
Illinois Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Illinois. Since September 2001, a total of 10,357 HECM reverse mortgages have been endorsed by HUD Offices located in Illinois. Illinois reverse mortgage endorsements represent 2.9% 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 Illinois 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 Illinois 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 |
|---|---|
| CHICAGO | 8,989 |
| SPRINGFIELD | 1,368 |
| Calendar Year | HECM Loans Sep-2001 to Aug-2008 |
|---|---|
| 2001 | 91 |
| 2002 | 525 |
| 2003 | 716 |
| 2004 | 1,131 |
| 2005 | 1,412 |
| 2006 | 2,106 |
| 2007 | 3,267 |
| 2008 | 1,109 |
5. Illinois Reverse Mortgage Lenders. So, who are Illinois's top reverse mortgage lenders? The following table shows Illinois's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Illinois HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 97 |
| COUNTRYWIDE BANK FSB | 78 |
| FIRST REVERSE FINANCIAL SERVIC | 73 |
| FINANCIAL FREEDOM SENIOR FUNDI | 72 |
| SENIORS EQUITY INCOME INC | 53 |
| LIBERTY REVERSE MORTGAGE INC | 39 |
| SOUTHPORT BANK | 35 |
| FRONTIER FINANCIAL INC | 34 |
| FIRST MIDWEST BANK | 33 |
| URBAN FINANCIAL GROUP | 31 |
| PREMIER MORTGAGE FUNDING INC | 29 |
| EVERBANK REVERSE MORTGAGE LLC | 29 |
| MORTGAGE ENTERPRISES INC | 25 |
| KENT GROUP LTD | 25 |
| WORLD ALLIANCE FINANCIAL CORP | 24 |
| FIRST STEP MORTGAGE GROUP INC | 22 |
| FAIRWAY MORTGAGE INC | 22 |
| FOUNDERS BANK | 16 |
| JANAN MORTGAGE CORPORATION | 15 |
| IMPERIAL FUNDING CORP | 15 |
| SGB CORPORATION | 14 |
| OMNI HOME FINANCING INC | 14 |
| PACIFIC REVERSE MORTGAGE INC | 13 |
| CHOICE ONE MORTGAGE INC | 12 |
| FIRST MARINER BANK | 12 |
The table below provides a longer term view of Illinois's top 25 lenders looking at the period from September 2001 up to the current month (Aug-2008). For a complete listing of Illinois reverse mortgage lenders, use this Illinois reverse mortgage lender directory.
| Top Illinois HECM Lenders | HECM Loans Sep-2001 to Aug-2008 |
|---|---|
| WELLS FARGO BANK NA | 1,719 |
| FINANCIAL FREEDOM SENIOR FUNDI | 1,541 |
| FIRST MIDWEST BANK | 675 |
| GSF MORTGAGE CORPORATION | 553 |
| URBAN FINANCIAL GROUP | 401 |
| WELLS FARGO HOME MORTGAGE INC | 357 |
| SGB CORPORATION | 346 |
| SENIORS EQUITY INCOME INC | 321 |
| RESIDENTIAL LOAN CENTERS OF AM | 256 |
| FAIRWAY MORTGAGE INC | 244 |
| LIBERTY REVERSE MORTGAGE INC | 209 |
| FIRST REVERSE FINANCIAL SERVIC | 205 |
| SOUTHPORT BANK | 201 |
| CHOICE ONE MORTGAGE INC | 149 |
| ALL AMERICA REVERSE MORTGAGE L | 149 |
| MORTGAGE SERVICES INC | 149 |
| COLE TAYLOR BANK | 145 |
| COMCOR MORTGAGE CORPORATION | 122 |
| JANAN MORTGAGE CORPORATION | 119 |
| EVERBANK | 117 |
| COUNTRYWIDE BANK FSB | 116 |
| SEATTLE MORTGAGE COMPANY | 107 |
| ALLIANCE MORTGAGE CO | 100 |
| CHALLENGE FINANCIAL INVESTORS | 99 |
| ASPEN MORTGAGE CORPORATION | 90 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Illinois'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
.
