North Carolina Reverse Mortgage Information and Facts
North Carolina Reverse Mortgage Information Overview
1. Census Data Relevant to the North Carolina Reverse Mortgage Market. It is helpful to understand the demographic make-up of North Carolina'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| NC | 36.2 | 35 | 11.7 | 39 | 1.1 | 41 | 17.3 | 23 | 68.2 | 32 |
The Census Bureau projects the senior citizen population in North Carolina 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 |
|---|---|---|---|---|---|---|
| NC | 1,161,164 | 12.4 | 37 | 2,173,173 | 17.8 | 16 |
2. North Carolina'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 North Carolina for the most recent 1-year and 5-year periods and, also, how the HPI rankings for North Carolina 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 |
|---|---|---|---|---|
| NC | 0.86 | 10 | 32.05 | 33 |
3. Section HECM Loan Limits for North Carolina. 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 North Carolina county.
North Carolina Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in North Carolina. Since September 2001, a total of 4,123 HECM reverse mortgages have been endorsed by HUD Offices located in North Carolina. North Carolina reverse mortgage endorsements represent 1.1% 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 North Carolina 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 North Carolina 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 |
|---|---|
| GREENSBORO | 4,123 |
| Calendar Year | HECM Loans Sep-2001 to Oct-2008 |
|---|---|
| 2001 | 53 |
| 2002 | 234 |
| 2003 | 451 |
| 2004 | 416 |
| 2005 | 500 |
| 2006 | 820 |
| 2007 | 1,160 |
| 2008 | 489 |
5. North Carolina Reverse Mortgage Lenders. So, who are North Carolina's top reverse mortgage lenders? The following table shows North Carolina's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top North Carolina HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 131 |
| FINANCIAL FREEDOM SENIOR FUNDI | 69 |
| HARVARD HOME MORTGAGE INC | 43 |
| SIDUS FINANCIAL LLC | 41 |
| RBC CENTURA BANK | 31 |
| COUNTRYWIDE BANK FSB | 30 |
| ACADEMY MORTGAGE LLC | 24 |
| FIRST CHARTER BANK | 20 |
| PACIFIC REVERSE MORTGAGE INC | 20 |
| LIVE WELL FINANCIAL INC | 17 |
| WORLD ALLIANCE FINANCIAL CORP | 12 |
| GRANITE MORTGAGE INC | 11 |
| FIRST MARINER BANK | 8 |
| JAMES B NUTTER AND COMPANY | 6 |
| EVERBANK REVERSE MORTGAGE LLC | 6 |
| BANK OF AMERICA NA CHARLOTTE | 4 |
| ENTERPRISE MORTGAGE CORP | 3 |
| ALLIED HOME MORTGAGE CAPITAL C | 3 |
| AMERICAN HOME BANK NA | 3 |
| AMERICAN REVERSE MORTGAGE CORP | 3 |
| NATIONS FUNDING SOURCE INC | 2 |
| DOVER MORTGAGE COMPANY | 2 |
| WINDSOR CAPITAL MORTGAGE CORP | 0 |
| COMMUNITY CENTRAL BANK | 0 |
| TIDEWATER HOME FUNDING | 0 |
The table below provides a longer term view of North Carolina's top 25 lenders looking at the period from September 2001 up to the current month (Oct-2008). For a complete listing of North Carolina reverse mortgage lenders, use this North Carolina reverse mortgage lender directory.
| Top North Carolina HECM Lenders | HECM Loans Sep-2001 to Oct-2008 |
|---|---|
| WELLS FARGO BANK NA | 1,177 |
| FINANCIAL FREEDOM SENIOR FUNDI | 716 |
| CENTURA BANK | 474 |
| RBC CENTURA BANK | 412 |
| SIDUS FINANCIAL LLC | 377 |
| WELLS FARGO HOME MORTGAGE INC | 257 |
| ACADEMY MORTGAGE LLC | 100 |
| HARVARD HOME MORTGAGE INC | 87 |
| GRANITE MORTGAGE INC | 74 |
| FIRST MARINER BANK | 55 |
| PACIFIC REVERSE MORTGAGE INC | 47 |
| FIRST CHARTER BANK | 47 |
| COUNTRYWIDE BANK FSB | 32 |
| LUMINA MORTGAGE COMPANY INC | 27 |
| SENIORS FIRST MORTGAGE COMPANY | 22 |
| LIVE WELL FINANCIAL INC | 21 |
| ALLIANCE MORTGAGE CO | 21 |
| BRANCH BROWN BLACKBURN AND ASS | 16 |
| JAMES B NUTTER AND COMPANY | 16 |
| EVERBANK | 12 |
| WORLD ALLIANCE FINANCIAL CORP | 12 |
| ALLIED HOME MORTGAGE CAPITAL C | 12 |
| FIRST REVERSE FINANCIAL SERVIC | 8 |
| VERTICAL LEND INC | 8 |
| CARTERET MORTGAGE CORPORATION | 8 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of North Carolina'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
.
