Indiana Reverse Mortgage Information and Facts
Indiana Reverse Mortgage Information Overview
1. Census Data Relevant to the Indiana Reverse Mortgage Market. It is helpful to understand the demographic make-up of Indiana'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| IN | 36.1 | 38 | 11.9 | 36 | 1.3 | 24 | 18.2 | 14 | 72 | 8 |
The Census Bureau projects the senior citizen population in Indiana 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 |
|---|---|---|---|---|---|---|
| IN | 811,290 | 12.7 | 35 | 1,231,873 | 18.1 | 33 |
2. Indiana'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 Indiana for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Indiana 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 |
|---|---|---|---|---|
| IN | 0.32 | 35 | 14.66 | 49 |
3. Section HECM Loan Limits for Indiana. 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 Indiana county.
Indiana Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Indiana. Since September 2001, a total of 3,635 HECM reverse mortgages have been endorsed by HUD Offices located in Indiana. Indiana reverse mortgage endorsements represent 1% 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 Indiana 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 (Nov-2008). The first chart shows the distribution of HECM loan originations by Indiana 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 Nov-2008 |
|---|---|
| INDIANAPOLIS | 3,635 |
| Calendar Year | HECM Loans Sep-2001 to Nov-2008 |
|---|---|
| 2001 | 58 |
| 2002 | 267 |
| 2003 | 347 |
| 2004 | 482 |
| 2005 | 425 |
| 2006 | 749 |
| 2007 | 940 |
| 2008 | 367 |
5. Indiana Reverse Mortgage Lenders. So, who are Indiana's top reverse mortgage lenders? The following table shows Indiana's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Indiana HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 78 |
| FINANCIAL FREEDOM SENIOR FUNDI | 36 |
| SENIORS EQUITY INCOME INC | 21 |
| COUNTRYWIDE BANK FSB | 19 |
| URBAN FINANCIAL GROUP | 19 |
| WORLD ALLIANCE FINANCIAL CORP | 16 |
| OMNI HOME FINANCING INC | 16 |
| MORTGAGE NETWORK INC | 15 |
| ALLIED HOME MORTGAGE CAPITAL C | 8 |
| FIFTH THIRD BANK | 8 |
| PROFESSIONAL FEDERAL CREDIT UN | 7 |
| PACIFIC REVERSE MORTGAGE INC | 7 |
| ACCESS REVERSE MORTGAGE CORPOR | 6 |
| MONROE BANK | 6 |
| GENERATION MORTGAGE COMPANY | 6 |
| VAN DYK MORTGAGE CORPORATION | 6 |
| FIRST MARINER BANK | 6 |
| NATIONAL CITY BANK | 5 |
| FIRST MIDWEST BANK | 5 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 5 |
| LIVE WELL FINANCIAL INC | 4 |
| EVERBANK REVERSE MORTGAGE LLC | 4 |
| PINNACLE MORTGAGE FUNDING LLC | 4 |
| UNION AMERICAN EQUITY CORP | 4 |
| REFINANCE COMPANY | 4 |
The table below provides a longer term view of Indiana's top 25 lenders looking at the period from September 2001 up to the current month (Nov-2008). For a complete listing of Indiana reverse mortgage lenders, use this Indiana reverse mortgage lender directory.
| Top Indiana HECM Lenders | HECM Loans Sep-2001 to Nov-2008 |
|---|---|
| WELLS FARGO BANK NA | 938 |
| FINANCIAL FREEDOM SENIOR FUNDI | 628 |
| SENIORS EQUITY INCOME INC | 519 |
| WELLS FARGO HOME MORTGAGE INC | 273 |
| MORTGAGE NETWORK INC | 143 |
| HOMEOWNERS MORTGAGE SERVICE IN | 86 |
| AMERICAN REVERSE MORTGAGE CORP | 86 |
| CENTIER BANK | 80 |
| CUSTOM MORTGAGE INC | 79 |
| FIRST MARINER BANK | 45 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 42 |
| URBAN FINANCIAL GROUP | 37 |
| FIFTH THIRD BANK | 37 |
| MONROE BANK | 33 |
| PACIFIC REVERSE MORTGAGE INC | 30 |
| SUPERIOR MORTGAGE CORP | 29 |
| ALLIED HOME MORTGAGE CAPITAL C | 29 |
| COUNTRYWIDE BANK FSB | 25 |
| GENERATION MORTGAGE COMPANY | 24 |
| OMNI HOME FINANCING INC | 24 |
| VERTICAL LEND INC | 23 |
| STOCK YARDS BANK MORTGAGE COMP | 22 |
| FIRST MIDWEST BANK | 22 |
| GSF MORTGAGE CORPORATION | 21 |
| UNION AMERICAN EQUITY CORP | 20 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Indiana'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
.
