Mississippi Reverse Mortgage Information and Facts
Mississippi Reverse Mortgage Information Overview
1. Census Data Relevant to the Mississippi Reverse Mortgage Market. It is helpful to understand the demographic make-up of Mississippi'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| MS | 35.5 | 42 | 11.9 | 36 | 1.1 | 41 | 15.9 | 38 | 69.9 | 20 |
The Census Bureau projects the senior citizen population in Mississippi 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 |
|---|---|---|---|---|---|---|
| MS | 379,025 | 12.8 | 34 | 634,067 | 20.5 | 14 |
2. Mississippi'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 Mississippi for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Mississippi 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 |
|---|---|---|---|---|
| MS | 0.56 | 16 | 31.96 | 34 |
3. Section HECM Loan Limits for Mississippi. 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 Mississippi county.
Mississippi Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Mississippi. Since September 2001, a total of 784 HECM reverse mortgages have been endorsed by HUD Offices located in Mississippi. Mississippi reverse mortgage endorsements represent 0.2% 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 Mississippi 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 Mississippi 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 |
|---|---|
| JACKSON | 784 |
| Calendar Year | HECM Loans Sep-2001 to Oct-2008 |
|---|---|
| 2001 | 6 |
| 2002 | 44 |
| 2003 | 43 |
| 2004 | 79 |
| 2005 | 72 |
| 2006 | 108 |
| 2007 | 315 |
| 2008 | 117 |
5. Mississippi Reverse Mortgage Lenders. So, who are Mississippi's top reverse mortgage lenders? The following table shows Mississippi's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Mississippi HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 26 |
| FINANCIAL FREEDOM SENIOR FUNDI | 22 |
| TRUSTMARK NATIONAL BANK | 11 |
| COUNTRYWIDE BANK FSB | 11 |
| EAGLE MORTGAGE INC | 8 |
| JAMES B NUTTER AND COMPANY | 5 |
| GREENLIGHT FINANCIAL SERVICES | 5 |
| EQUIPOINT FINANCIAL NETWORK IN | 4 |
| DRYADES SAVINGS BANK FSB | 3 |
| EVERBANK REVERSE MORTGAGE LLC | 3 |
| WHITNEY NATIONAL BANK | 2 |
| WORLD ALLIANCE FINANCIAL CORP | 2 |
| FIRST MARINER BANK | 2 |
| FIRST REVERSE FINANCIAL SERVIC | 2 |
| URBAN FINANCIAL GROUP | 2 |
| RESIDENTIAL LOAN CENTERS OF AM | 1 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 1 |
| MORTGAGE SOURCES CORP | 1 |
| FIRST ACCESS MORTGAGE CORP | 1 |
| ARK-LA-TEX FINANCIAL SERVICES | 1 |
| GENERATION MORTGAGE COMPANY | 1 |
| M AND I MARSHALL AND ILSLEY BA | 1 |
| ALLIED MORTGAGE GROUP INC | 1 |
| SOUTHPOINT FINANCIAL SERVICES | 1 |
| AMSTAR MORTGAGE CORPORATION | 0 |
The table below provides a longer term view of Mississippi's top 25 lenders looking at the period from September 2001 up to the current month (Oct-2008). For a complete listing of Mississippi reverse mortgage lenders, use this Mississippi reverse mortgage lender directory.
| Top Mississippi HECM Lenders | HECM Loans Sep-2001 to Oct-2008 |
|---|---|
| FINANCIAL FREEDOM SENIOR FUNDI | 232 |
| WELLS FARGO BANK NA | 188 |
| TRUSTMARK NATIONAL BANK | 73 |
| EAGLE MORTGAGE INC | 62 |
| WELLS FARGO HOME MORTGAGE INC | 57 |
| WHITNEY NATIONAL BANK | 35 |
| COUNTRYWIDE BANK FSB | 18 |
| CARTERET MORTGAGE CORPORATION | 11 |
| FIRST REVERSE FINANCIAL SERVIC | 11 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 10 |
| DRYADES SAVINGS BANK FSB | 10 |
| HIBERNIA NATIONAL BANK | 9 |
| STANDARD MORTGAGE CORPORATION | 7 |
| JAMES B NUTTER AND COMPANY | 6 |
| GREENLIGHT FINANCIAL SERVICES | 6 |
| RESIDENTIAL LOAN CENTERS OF AM | 6 |
| FIRST MARINER BANK | 5 |
| BANK OF NEW ORLEANS | 5 |
| NEW ORLEANS CREDIT SERVICE INC | 4 |
| EQUIPOINT FINANCIAL NETWORK IN | 4 |
| EVERBANK REVERSE MORTGAGE LLC | 3 |
| AMSTAR MORTGAGE CORPORATION | 3 |
| ALLIED MORTGAGE GROUP INC | 2 |
| WORLD ALLIANCE FINANCIAL CORP | 2 |
| ALLIED HOME MORTGAGE CAPITAL C | 2 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Mississippi'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
.
