Kentucky Reverse Mortgage Information and Facts
Kentucky Reverse Mortgage Information Overview
1. Census Data Relevant to the Kentucky Reverse Mortgage Market. It is helpful to understand the demographic make-up of Kentucky'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| KY | 37.5 | 19 | 12.2 | 29 | 1.2 | 32 | 19.2 | 9 | 70.6 | 14 |
The Census Bureau projects the senior citizen population in Kentucky 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 |
|---|---|---|---|---|---|---|
| KY | 557,471 | 13.1 | 30 | 903,450 | 19.8 | 21 |
2. Kentucky'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 Kentucky for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Kentucky 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 |
|---|---|---|---|---|
| KY | 1.2 | 20 | 23.5 | 44 |
3. Section HECM Loan Limits for Kentucky. 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 Kentucky county.
Kentucky Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Kentucky. Since September 2001, a total of 1,254 HECM reverse mortgages have been endorsed by HUD Offices located in Kentucky. Kentucky reverse mortgage endorsements represent 0.3% 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 Kentucky 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 Kentucky 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 |
|---|---|
| LOUISVILLE | 1,254 |
| Calendar Year | HECM Loans Sep-2001 to Sep-2008 |
|---|---|
| 2001 | 7 |
| 2002 | 60 |
| 2003 | 100 |
| 2004 | 123 |
| 2005 | 161 |
| 2006 | 213 |
| 2007 | 413 |
| 2008 | 177 |
5. Kentucky Reverse Mortgage Lenders. So, who are Kentucky's top reverse mortgage lenders? The following table shows Kentucky's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Kentucky HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 48 |
| STOCK YARDS BANK MORTGAGE COMP | 31 |
| FINANCIAL FREEDOM SENIOR FUNDI | 13 |
| COUNTRYWIDE BANK FSB | 10 |
| NFM INC | 8 |
| LEXINGTON INVESTMENT MORTGAGE | 7 |
| FIFTH THIRD BANK | 5 |
| URBAN FINANCIAL GROUP | 5 |
| VAN DYK MORTGAGE CORPORATION | 4 |
| RESIDENTIAL MORTGAGE SERVS INC | 4 |
| WORLD ALLIANCE FINANCIAL CORP | 4 |
| NATIONAL CITY BANK | 3 |
| WESTERN OHIO MORTGAGE CORPORAT | 3 |
| SWAN FINANCIAL CORPORATION | 3 |
| CARTERET MORTGAGE CORPORATION | 3 |
| ONE MORTGAGE NETWORK LLC | 2 |
| FIRST FINANCIAL MORTGAGE CORP | 2 |
| PRP NATIONAL BANK | 2 |
| GREENLIGHT FINANCIAL SERVICES | 2 |
| BELAC INC | 2 |
| ONE MORTGAGE NETWORK INC | 2 |
| MSI LENDING INC | 1 |
| THE GUERNSEY BANK | 1 |
| STAR POINT MORTGAGE INC | 1 |
| DIVERSIFIED MORTGAGE SERVICES | 1 |
The table below provides a longer term view of Kentucky's top 25 lenders looking at the period from September 2001 up to the current month (Sep-2008). For a complete listing of Kentucky reverse mortgage lenders, use this Kentucky reverse mortgage lender directory.
| Top Kentucky HECM Lenders | HECM Loans Sep-2001 to Sep-2008 |
|---|---|
| WELLS FARGO BANK NA | 368 |
| STOCK YARDS BANK MORTGAGE COMP | 239 |
| FINANCIAL FREEDOM SENIOR FUNDI | 201 |
| RESIDENTIAL MORTGAGE SERVS INC | 86 |
| WELLS FARGO HOME MORTGAGE INC | 78 |
| LEXINGTON INVESTMENT MORTGAGE | 33 |
| FIFTH THIRD BANK | 21 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 19 |
| NFM INC | 16 |
| COUNTRYWIDE BANK FSB | 14 |
| VAN DYK MORTGAGE CORPORATION | 12 |
| CARTERET MORTGAGE CORPORATION | 12 |
| CUSTOM MORTGAGE INC | 12 |
| AMERICAN MORTGAGE SERVICE CO | 9 |
| RESIDENTIAL MORTGAGE CORP | 7 |
| PEOPLES TRUST MORTGAGE LLC | 7 |
| MORTGAGE NETWORK INC | 6 |
| GREENLIGHT FINANCIAL SERVICES | 6 |
| URBAN FINANCIAL GROUP | 5 |
| LIVE WELL FINANCIAL INC | 5 |
| FIRST MARINER BANK | 5 |
| PACIFIC REVERSE MORTGAGE INC | 5 |
| MSI LENDING INC | 5 |
| WESTERN OHIO MORTGAGE CORPORAT | 5 |
| CREDIT FINANCIAL SERVICES LLC | 5 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Kentucky'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
.
