Montana Reverse Mortgage Information and Facts
Montana Reverse Mortgage Information Overview
1. Census Data Relevant to the Montana Reverse Mortgage Market. It is helpful to understand the demographic make-up of Montana'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| MT | 40.2 | 4 | 13.3 | 11 | 1.4 | 19 | 16.8 | 32 | 69.1 | 29 |
The Census Bureau projects the senior citizen population in Montana 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 |
|---|---|---|---|---|---|---|
| MT | 144,961 | 15.0 | 6 | 269,558 | 25.8 | 3 |
2. Montana'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 Montana for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Montana 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 |
|---|---|---|---|---|
| MT | 1.21 | 4 | 62.34 | 13 |
3. Section HECM Loan Limits for Montana. 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 Montana county.
Montana Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Montana. Since September 2001, a total of 865 HECM reverse mortgages have been endorsed by HUD Offices located in Montana. Montana 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 Montana 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 Montana 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 |
|---|---|
| HELENA | 865 |
| Calendar Year | HECM Loans Sep-2001 to Nov-2008 |
|---|---|
| 2001 | 11 |
| 2002 | 85 |
| 2003 | 107 |
| 2004 | 97 |
| 2005 | 97 |
| 2006 | 178 |
| 2007 | 211 |
| 2008 | 79 |
5. Montana Reverse Mortgage Lenders. So, who are Montana's top reverse mortgage lenders? The following table shows Montana's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Montana HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 25 |
| GUILD MORTGAGE COMPANY | 21 |
| FINANCIAL FREEDOM SENIOR FUNDI | 12 |
| MORTGAGE SOLUTIONS INC | 8 |
| COUNTRYWIDE BANK FSB | 3 |
| MANN MORTGAGE LLC | 3 |
| MOUNTAIN WEST BANK OF HELENA N | 2 |
| ACTION MORTGAGE | 1 |
| PACIFIC REVERSE MORTGAGE INC | 1 |
| GREENLIGHT FINANCIAL SERVICES | 1 |
| MOUNTAIN WEST BANK | 1 |
| EVERBANK REVERSE MORTGAGE LLC | 1 |
| CHALLENGE FINANCIAL INVESTORS | 0 |
| FIRST INTERSTATE BANK | 0 |
The table below provides a longer term view of Montana's top 25 lenders looking at the period from September 2001 up to the current month (Nov-2008). For a complete listing of Montana reverse mortgage lenders, use this Montana reverse mortgage lender directory.
| Top Montana HECM Lenders | HECM Loans Sep-2001 to Nov-2008 |
|---|---|
| INTERMOUNTAIN MORTGAGE CO INC | 372 |
| WELLS FARGO BANK NA | 246 |
| FINANCIAL FREEDOM SENIOR FUNDI | 76 |
| WELLS FARGO HOME MORTGAGE INC | 53 |
| GUILD MORTGAGE COMPANY | 51 |
| HERITAGE BANK | 18 |
| MOUNTAIN WEST BANK OF HELENA N | 15 |
| MORTGAGE SOLUTIONS INC | 8 |
| MANN MORTGAGE LLC | 7 |
| PACIFIC REVERSE MORTGAGE INC | 6 |
| COUNTRYWIDE BANK FSB | 3 |
| ACTION MORTGAGE | 2 |
| CHALLENGE FINANCIAL INVESTORS | 1 |
| FIRST INTERSTATE BANK | 1 |
| ALLIED HOME MORTGAGE CAPITAL C | 1 |
| GREENLIGHT FINANCIAL SERVICES | 1 |
| CARTERET MORTGAGE CORPORATION | 1 |
| MOUNTAIN WEST BANK | 1 |
| EVERBANK REVERSE MORTGAGE LLC | 1 |
| SEATTLE MORTGAGE COMPANY | 1 |
| FIRST NATIONAL BANK | 0 |
| ALLIED MORTGAGE CAPITAL CORP | 0 |
| COUNTRYWIDE HOME LOANS INC | 0 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Montana'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
.
