Kansas Reverse Mortgage Information and Facts
Kansas Reverse Mortgage Information Overview
1. Census Data Relevant to the Kansas Reverse Mortgage Market. It is helpful to understand the demographic make-up of Kansas'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| KS | 36.1 | 38 | 12.4 | 26 | 1.5 | 14 | 15.3 | 45 | 69.5 | 25 |
The Census Bureau projects the senior citizen population in Kansas 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 |
|---|---|---|---|---|---|---|
| KS | 375,315 | 13.4 | 28 | 593,091 | 20.2 | 19 |
2. Kansas'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 Kansas for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Kansas 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 |
|---|---|---|---|---|
| KS | 6 | 25 | 21.65 | 46 |
3. Section HECM Loan Limits for Kansas. 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 Kansas county.
Kansas Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Kansas. Since September 2001, a total of 3,106 HECM reverse mortgages have been endorsed by HUD Offices located in Kansas. Kansas reverse mortgage endorsements represent 0.9% 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 Kansas 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 Kansas 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 |
|---|---|
| KANSAS CITY | 2,335 |
| TOPEKA | 771 |
| Calendar Year | HECM Loans Sep-2001 to Nov-2008 |
|---|---|
| 2001 | 22 |
| 2002 | 124 |
| 2003 | 236 |
| 2004 | 319 |
| 2005 | 281 |
| 2006 | 596 |
| 2007 | 1,043 |
| 2008 | 485 |
5. Kansas Reverse Mortgage Lenders. So, who are Kansas's top reverse mortgage lenders? The following table shows Kansas's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Kansas HECM Lenders | HECM Loans 2008 |
|---|---|
| JAMES B NUTTER AND COMPANY | 109 |
| URBAN FINANCIAL GROUP | 87 |
| WELLS FARGO BANK NA | 47 |
| FINANCIAL FREEDOM SENIOR FUNDI | 40 |
| FRONTIER FINANCIAL INC | 40 |
| PACIFIC REVERSE MORTGAGE INC | 14 |
| PRIORITY MTGE CORP OF WICHITA | 11 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 9 |
| GREENLIGHT FINANCIAL SERVICES | 6 |
| COUNTRYWIDE BANK FSB | 6 |
| M AND I MARSHALL AND ILSLEY BA | 6 |
| HEARTLAND FUNDING CORP | 5 |
| LIVE WELL FINANCIAL INC | 5 |
| WORLD ALLIANCE FINANCIAL CORP | 5 |
| GREAT SOUTHERN BANK | 5 |
| OMNI HOME FINANCING INC | 5 |
| GENERATION MORTGAGE COMPANY | 5 |
| THE SIGNATURE BANK | 5 |
| MANHATTAN MORTGAGE CORPORATION | 4 |
| MOUNTAIN PACIFIC MORTGAGE CO | 4 |
| OCM MORTGAGE INC | 4 |
| UNION HOME MORTGAGE LLC | 3 |
| GLOBAL MORTGAGE INC | 3 |
| EVERBANK REVERSE MORTGAGE LLC | 3 |
| CHERRY CREEK MORTGAGE CO INC | 3 |
The table below provides a longer term view of Kansas's top 25 lenders looking at the period from September 2001 up to the current month (Nov-2008). For a complete listing of Kansas reverse mortgage lenders, use this Kansas reverse mortgage lender directory.
| Top Kansas HECM Lenders | HECM Loans Sep-2001 to Nov-2008 |
|---|---|
| JAMES B NUTTER AND COMPANY | 563 |
| WELLS FARGO BANK NA | 561 |
| FINANCIAL FREEDOM SENIOR FUNDI | 534 |
| URBAN FINANCIAL GROUP | 410 |
| WELLS FARGO HOME MORTGAGE INC | 245 |
| FRONTIER FINANCIAL INC | 101 |
| MORTGAGE AUTHORITY INC | 95 |
| MOUNTAIN PACIFIC MORTGAGE CO | 48 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 33 |
| UNION HOME MORTGAGE LLC | 31 |
| ALLIED HOME MORTGAGE CAPITAL C | 25 |
| PACIFIC REVERSE MORTGAGE INC | 22 |
| ALLEN EQUITY GROUP LLC | 19 |
| ADVENT FINANCIAL INC | 17 |
| PRIORITY MTGE CORP OF WICHITA | 16 |
| GREAT SOUTHERN BANK | 16 |
| CITYWIDE MORTGAGE ASSOCIATES I | 15 |
| LIVE WELL FINANCIAL INC | 15 |
| MORTGAGE COMPANY | 15 |
| HEARTLAND FUNDING CORP | 14 |
| CLARION MORTGAGE CAPITAL INC | 13 |
| AMSTAR MORTGAGE CORPORATION | 12 |
| AFFINITY MORTGAGE LLC | 12 |
| BEST MORTGAGE INC | 12 |
| THE SIGNATURE BANK | 11 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Kansas'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
.
