Michigan Reverse Mortgage Information and Facts
Michigan Reverse Mortgage Information Overview
1. Census Data Relevant to the Michigan Reverse Mortgage Market. It is helpful to understand the demographic make-up of Michigan'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| MI | 36.9 | 30 | 12.1 | 31 | 1.4 | 19 | 20.3 | 4 | 74.7 | 3 |
The Census Bureau projects the senior citizen population in Michigan 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 |
|---|---|---|---|---|---|---|
| MI | 1,334,491 | 12.8 | 33 | 2,080,725 | 19.5 | 19 |
2. Michigan'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 Michigan for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Michigan 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 |
|---|---|---|---|---|
| MI | 0.15 | 48 | 5.66 | 51 |
3. Section HECM Loan Limits for Michigan. 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 Michigan county.
Michigan Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Michigan. Since September 2001, a total of 11,799 HECM reverse mortgages have been endorsed by HUD Offices located in Michigan. Michigan reverse mortgage endorsements represent 3.3% 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 Michigan 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 (Jul-2008). The first chart shows the distribution of HECM loan originations by Michigan 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 Jul-2008 |
|---|---|
| DETROIT | 7,422 |
| FLINT | 1,498 |
| GRAND RAPIDS | 2,879 |
| Calendar Year | HECM Loans Sep-2001 to Jul-2008 |
|---|---|
| 2001 | 159 |
| 2002 | 747 |
| 2003 | 958 |
| 2004 | 1,661 |
| 2005 | 1,808 |
| 2006 | 2,191 |
| 2007 | 3,116 |
| 2008 | 1,159 |
5. Michigan Reverse Mortgage Lenders. So, who are Michigan's top reverse mortgage lenders? The following table shows Michigan's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Michigan HECM Lenders | HECM Loans 2008 |
|---|---|
| WORLD ALLIANCE FINANCIAL CORP | 123 |
| SENIORS EQUITY INCOME INC | 87 |
| REMINGTON MORTGAGE INC | 85 |
| COLONIAL MORTGAGE CORP | 75 |
| WELLS FARGO BANK NA | 74 |
| FIRST FINANCIAL MORTGAGE CORP | 67 |
| FINANCIAL FREEDOM SENIOR FUNDI | 47 |
| CENTURION MORTGAGE CORPORATION | 45 |
| VAN DYK MORTGAGE CORPORATION | 39 |
| SUCCESS MORTGAGE PARTNERS INC | 37 |
| ALLIED HOME MORTGAGE CAPITAL C | 34 |
| BEST MORTGAGE SERVICES LLC | 27 |
| SECURITY MORTGAGE CORPORATION | 27 |
| SENIOR AMERICAN FUNDING INC | 21 |
| EXECUTIVE MORTGAGE OF MICHIGAN | 21 |
| INDEPENDENT MORTGAGE COMPANY | 17 |
| TOP FLITE FINANCIAL INC | 16 |
| SENIOR INDEPENDENCE LLC | 15 |
| QUALITY 1ST LENDING LLC | 14 |
| PACIFIC REVERSE MORTGAGE INC | 12 |
| CLARK FINANCIAL GROUP LLC | 11 |
| COUNTRYWIDE BANK FSB | 11 |
| OMNI HOME FINANCING INC | 11 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 11 |
| NATIONAL CITY BANK | 9 |
The table below provides a longer term view of Michigan's top 25 lenders looking at the period from September 2001 up to the current month (Jul-2008). For a complete listing of Michigan reverse mortgage lenders, use this Michigan reverse mortgage lender directory.
| Top Michigan HECM Lenders | HECM Loans Sep-2001 to Jul-2008 |
|---|---|
| FINANCIAL FREEDOM SENIOR FUNDI | 2,592 |
| WELLS FARGO BANK NA | 1,561 |
| FIRST FINANCIAL MORTGAGE CORP | 1,056 |
| SENIORS EQUITY INCOME INC | 821 |
| WELLS FARGO HOME MORTGAGE INC | 515 |
| CENTURION MORTGAGE CORPORATION | 393 |
| COLONIAL MORTGAGE CORP | 393 |
| PARK PLACE MORTGAGE CORP | 363 |
| FIRST ALLIANCE MORTGAGE CO | 314 |
| US FINANCIAL MORTGAGE CORPOR | 266 |
| BEST MORTGAGE SERVICES LLC | 231 |
| VERTICAL LEND INC | 212 |
| REMINGTON MORTGAGE INC | 205 |
| VAN DYK MORTGAGE CORPORATION | 191 |
| ALLIED HOME MORTGAGE CAPITAL C | 180 |
| SEATTLE MORTGAGE COMPANY | 134 |
| CREDIT UNION MORTGAGE COMPANY | 129 |
| SENIOR INDEPENDENCE LLC | 128 |
| WORLD ALLIANCE FINANCIAL CORP | 123 |
| LENDER LTD | 112 |
| TOP FLITE FINANCIAL INC | 105 |
| PREMIER MORTGAGE FUNDING INC | 105 |
| PILLAR FINANCIAL CORPORATION | 90 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 68 |
| SUCCESS MORTGAGE PARTNERS INC | 67 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Michigan'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
.
