Missouri Reverse Mortgage Information and Facts
Missouri Reverse Mortgage Information Overview
1. Census Data Relevant to the Missouri Reverse Mortgage Market. It is helpful to understand the demographic make-up of Missouri'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| MO | 37.4 | 21 | 12.8 | 17 | 1.4 | 19 | 17.7 | 17 | 70.6 | 14 |
The Census Bureau projects the senior citizen population in Missouri 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 |
|---|---|---|---|---|---|---|
| MO | 821,645 | 13.9 | 19 | 1,301,714 | 20.2 | 15 |
2. Missouri'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 Missouri for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Missouri 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 |
|---|---|---|---|---|
| MO | 1.05 | 26 | 28 | 40 |
3. Section HECM Loan Limits for Missouri. 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 Missouri county.
Missouri Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Missouri. Since September 2001, a total of 2,909 HECM reverse mortgages have been endorsed by HUD Offices located in Missouri. Missouri reverse mortgage endorsements represent 0.8% 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 Missouri 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 (Oct-2008). The first chart shows the distribution of HECM loan originations by Missouri 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 Oct-2008 |
|---|---|
| ST LOUIS | 2,909 |
| Calendar Year | HECM Loans Sep-2001 to Oct-2008 |
|---|---|
| 2001 | 16 |
| 2002 | 65 |
| 2003 | 129 |
| 2004 | 272 |
| 2005 | 286 |
| 2006 | 632 |
| 2007 | 1,164 |
| 2008 | 345 |
5. Missouri Reverse Mortgage Lenders. So, who are Missouri's top reverse mortgage lenders? The following table shows Missouri's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Missouri HECM Lenders | HECM Loans 2008 |
|---|---|
| FRONTIER FINANCIAL INC | 75 |
| GERSHMAN INVESTMENT CORP | 40 |
| URBAN FINANCIAL GROUP | 31 |
| FINANCIAL FREEDOM SENIOR FUNDI | 25 |
| WELLS FARGO BANK NA | 21 |
| MIDWEST MORTGAGE CAPITAL LLC | 12 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 12 |
| PREMIER MORTGAGE FUNDING INC | 10 |
| LIBERTY REVERSE MORTGAGE INC | 8 |
| CARTER LENDING INC | 8 |
| PINNACLE FINANCIAL SERVICES IN | 6 |
| FIRST INTEGRITY MORTGAGE SER | 6 |
| FIRST MARINER BANK | 5 |
| MONUMENT CAPITAL LLC | 4 |
| ALLIED HOME MORTGAGE CAPITAL C | 4 |
| FIRST LIBERTY MORTGAGE LLC | 4 |
| PACIFIC REVERSE MORTGAGE INC | 4 |
| AMERICAN EQUITY MORTGAGE INC | 3 |
| PARAMOUNT BOND MTG CO INC | 3 |
| SOUTHWEST BANK AN M&I BANK | 3 |
| COUNTRYWIDE BANK FSB | 3 |
| OMNI HOME FINANCING INC | 3 |
| EAGLE NATIONWIDE MORTGAGE COMP | 3 |
| MORTGAGE RESOURCES INC | 3 |
| MANHATTAN MORTGAGE CORPORATION | 3 |
The table below provides a longer term view of Missouri's top 25 lenders looking at the period from September 2001 up to the current month (Oct-2008). For a complete listing of Missouri reverse mortgage lenders, use this Missouri reverse mortgage lender directory.
| Top Missouri HECM Lenders | HECM Loans Sep-2001 to Oct-2008 |
|---|---|
| FINANCIAL FREEDOM SENIOR FUNDI | 563 |
| WELLS FARGO BANK NA | 463 |
| URBAN FINANCIAL GROUP | 329 |
| FRONTIER FINANCIAL INC | 313 |
| WELLS FARGO HOME MORTGAGE INC | 165 |
| GERSHMAN INVESTMENT CORP | 131 |
| LIBERTY REVERSE MORTGAGE INC | 107 |
| MIDWEST MORTGAGE CAPITAL LLC | 83 |
| CARTER LENDING INC | 79 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 78 |
| 1ST AAA REVERSE MORTGAGE INC | 75 |
| PARAMOUNT BOND MTG CO INC | 59 |
| BEST MORTGAGE AND FINANCIAL GR | 41 |
| JAMES B NUTTER AND COMPANY | 38 |
| AAA REVERSE MORTGAGE OF TEXAS | 27 |
| GENERATION MORTGAGE COMPANY | 22 |
| FIRST MARINER BANK | 20 |
| JANAN MORTGAGE CORPORATION | 16 |
| CORNERSTONE MORTGAGE INC | 16 |
| PACIFIC REVERSE MORTGAGE INC | 15 |
| MORTGAGE AUTHORITY INC | 14 |
| PINNACLE FINANCIAL SERVICES IN | 14 |
| SOUTHWEST BANK OF ST LOUIS | 13 |
| FIRST INTEGRITY MORTGAGE SER | 13 |
| COUNTRYWIDE BANK FSB | 12 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Missouri'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
.
