Nebraska Reverse Mortgage Information and Facts
Nebraska Reverse Mortgage Information Overview
1. Census Data Relevant to the Nebraska Reverse Mortgage Market. It is helpful to understand the demographic make-up of Nebraska'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| NE | 36.2 | 35 | 12.8 | 17 | 1.5 | 14 | 13 | 51 | 68.2 | 32 |
The Census Bureau projects the senior citizen population in Nebraska 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 |
|---|---|---|---|---|---|---|
| NE | 243,313 | 13.8 | 21 | 375,811 | 20.6 | 12 |
2. Nebraska'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 Nebraska for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Nebraska 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 |
|---|---|---|---|---|
| NE | 0.43 | 27 | 18.75 | 47 |
3. Section HECM Loan Limits for Nebraska. 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 Nebraska county.
Nebraska Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Nebraska. Since September 2001, a total of 1,197 HECM reverse mortgages have been endorsed by HUD Offices located in Nebraska. Nebraska reverse mortgage endorsements represent 0.3% 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 Nebraska 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 Nebraska 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 |
|---|---|
| OMAHA | 1,197 |
| Calendar Year | HECM Loans Sep-2001 to Oct-2008 |
|---|---|
| 2001 | 5 |
| 2002 | 73 |
| 2003 | 122 |
| 2004 | 177 |
| 2005 | 189 |
| 2006 | 255 |
| 2007 | 276 |
| 2008 | 100 |
5. Nebraska Reverse Mortgage Lenders. So, who are Nebraska's top reverse mortgage lenders? The following table shows Nebraska's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Nebraska HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 48 |
| URBAN FINANCIAL GROUP | 13 |
| OMNI HOME FINANCING INC | 7 |
| MOUNTAIN PACIFIC MORTGAGE CO | 7 |
| CHERRY CREEK MORTGAGE CO INC | 6 |
| GENERATION MORTGAGE COMPANY | 4 |
| COUNTRYWIDE BANK FSB | 3 |
| FINANCIAL FREEDOM SENIOR FUNDI | 2 |
| GREAT WESTERN BANK | 2 |
| FIRST MARINER BANK | 2 |
| LIBERTY FIRST CREDIT UNION | 2 |
| FIRST STATE BANK | 1 |
| PREMIER MORTGAGE FUNDING INC | 1 |
| GREENLIGHT FINANCIAL SERVICES | 1 |
| MORTGAGE LENDERS OF AMERICA LL | 1 |
| UNIVERSAL LENDING CORPORATION | 0 |
| FIRST MORTGAGE COMPANY LLC | 0 |
| CHARTER WEST NATIONAL BANK | 0 |
The table below provides a longer term view of Nebraska's top 25 lenders looking at the period from September 2001 up to the current month (Oct-2008). For a complete listing of Nebraska reverse mortgage lenders, use this Nebraska reverse mortgage lender directory.
| Top Nebraska HECM Lenders | HECM Loans Sep-2001 to Oct-2008 |
|---|---|
| WELLS FARGO BANK NA | 601 |
| FINANCIAL FREEDOM SENIOR FUNDI | 204 |
| WELLS FARGO HOME MORTGAGE INC | 156 |
| MOUNTAIN PACIFIC MORTGAGE CO | 51 |
| LIBERTY FIRST CREDIT UNION | 42 |
| BURLINGTON EMPLOYEES CREDIT UN | 23 |
| URBAN FINANCIAL GROUP | 17 |
| GENERATION MORTGAGE COMPANY | 12 |
| FIRST STATE BANK | 11 |
| OMNI HOME FINANCING INC | 8 |
| BURLINGTON CREDIT UNION | 8 |
| FREMONT NATIONAL BANK AND TRUS | 7 |
| CHERRY CREEK MORTGAGE CO INC | 6 |
| GREAT WESTERN BANK | 5 |
| FIRST MARINER BANK | 5 |
| CHARTER WEST NATIONAL BANK | 3 |
| PACIFIC REVERSE MORTGAGE INC | 3 |
| FIRST MORTGAGE COMPANY LLC | 3 |
| CARTERET MORTGAGE CORPORATION | 3 |
| HEARTLAND MORTGAGE CORPORATION | 3 |
| NETWORK FUNDING LP | 3 |
| COUNTRYWIDE BANK FSB | 3 |
| CSMC | 2 |
| CITYWIDE MORTGAGE ASSOCIATES I | 2 |
| GREENLIGHT FINANCIAL SERVICES | 2 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Nebraska'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
.
