New Mexico Reverse Mortgage Information and Facts
New Mexico Reverse Mortgage Information Overview
1. Census Data Relevant to the New Mexico Reverse Mortgage Market. It is helpful to understand the demographic make-up of New Mexico'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| NM | 36.2 | 35 | 12.1 | 31 | 1.2 | 32 | 18.1 | 15 | 69.3 | 27 |
The Census Bureau projects the senior citizen population in New Mexico 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 |
|---|---|---|---|---|---|---|
| NM | 278,967 | 14.1 | 16 | 555,184 | 26.4 | 2 |
2. New Mexico'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 New Mexico for the most recent 1-year and 5-year periods and, also, how the HPI rankings for New Mexico 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 |
|---|---|---|---|---|
| NM | 0.76 | 7 | 56.2 | 17 |
3. Section HECM Loan Limits for New Mexico. 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 New Mexico county.
New Mexico Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in New Mexico. Since September 2001, a total of 1,832 HECM reverse mortgages have been endorsed by HUD Offices located in New Mexico. New Mexico reverse mortgage endorsements represent 0.5% 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 New Mexico 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 New Mexico 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 |
|---|---|
| ALBUQUERQUE | 1,832 |
| Calendar Year | HECM Loans Sep-2001 to Nov-2008 |
|---|---|
| 2001 | 26 |
| 2002 | 129 |
| 2003 | 120 |
| 2004 | 208 |
| 2005 | 202 |
| 2006 | 394 |
| 2007 | 538 |
| 2008 | 215 |
5. New Mexico Reverse Mortgage Lenders. So, who are New Mexico's top reverse mortgage lenders? The following table shows New Mexico's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top New Mexico HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 54 |
| FINANCIAL FREEDOM SENIOR FUNDI | 21 |
| LEWALLEN MORTGAGE INC | 17 |
| COUNTRYWIDE BANK FSB | 13 |
| JUDITH O SMITH MORTGAGE GROUP | 9 |
| QMC HOLDING INC | 8 |
| ONE MORTGAGE NETWORK INC | 7 |
| STAY IN HOME MORTGAGE INC | 7 |
| FIRST HOUSTON MORTGAGE LTD | 6 |
| SENIOR AMERICAN FUNDING INC | 5 |
| OMNI HOME FINANCING INC | 5 |
| EQUIPOINT FINANCIAL NETWORK IN | 5 |
| URBAN FINANCIAL GROUP | 5 |
| CHERRY CREEK MORTGAGE CO INC | 4 |
| PEOPLES BANK | 3 |
| PACIFIC REVERSE MORTGAGE INC | 3 |
| HURST FINANCIAL CORP | 3 |
| GUILD MORTGAGE COMPANY | 2 |
| WORLD ALLIANCE FINANCIAL CORP | 2 |
| CORSTAR FINANCIAL INC | 2 |
| VISTA MORTGAGE GROUP INC | 2 |
| GOLD REVERSE INC | 2 |
| PREMIER MORTGAGE ADVISORS LLC | 2 |
| RT FUNDING GROUP INC | 2 |
| AMERICAN ADVISORS GROUP | 2 |
The table below provides a longer term view of New Mexico's top 25 lenders looking at the period from September 2001 up to the current month (Nov-2008). For a complete listing of New Mexico reverse mortgage lenders, use this New Mexico reverse mortgage lender directory.
| Top New Mexico HECM Lenders | HECM Loans Sep-2001 to Nov-2008 |
|---|---|
| WELLS FARGO BANK NA | 686 |
| FINANCIAL FREEDOM SENIOR FUNDI | 282 |
| WELLS FARGO HOME MORTGAGE INC | 216 |
| LEWALLEN MORTGAGE INC | 168 |
| QMC HOLDING INC | 67 |
| A D S MORTGAGE CORP | 65 |
| FIRST MAGNUS FINANCIAL CORP | 32 |
| HURST FINANCIAL CORP | 31 |
| SEATTLE MORTGAGE COMPANY | 25 |
| ONE MORTGAGE NETWORK INC | 19 |
| PACIFIC REVERSE MORTGAGE INC | 19 |
| FIRST HOUSTON MORTGAGE LTD | 16 |
| COUNTRYWIDE BANK FSB | 14 |
| MOUNTAIN AMERICA CREDIT UNION | 10 |
| ANCHOR MORTGAGE GROUP INC | 9 |
| OMNI HOME FINANCING INC | 9 |
| JUDITH O SMITH MORTGAGE GROUP | 9 |
| ALETHES LLC | 8 |
| STAY IN HOME MORTGAGE INC | 8 |
| LIVE WELL FINANCIAL INC | 7 |
| SENIOR AMERICAN FUNDING INC | 7 |
| EQUIPOINT FINANCIAL NETWORK IN | 7 |
| ALLIED MORTGAGE CAPITAL CORP | 6 |
| SUN VALLEY FINANCIAL OF UTAH I | 6 |
| MOUNTAIN PACIFIC MORTGAGE CO | 5 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of New Mexico'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
.
