Nevada Reverse Mortgage Information and Facts
Nevada Reverse Mortgage Information Overview
1. Census Data Relevant to the Nevada Reverse Mortgage Market. It is helpful to understand the demographic make-up of Nevada'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| NV | 35.2 | 44 | 11.2 | 43 | 0.9 | 49 | 15.8 | 41 | 60.7 | 49 |
The Census Bureau projects the senior citizen population in Nevada 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 |
|---|---|---|---|---|---|---|
| NV | 329,621 | 12.3 | 41 | 797,179 | 18.6 | 18 |
2. Nevada'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 Nevada for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Nevada 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 |
|---|---|---|---|---|
| NV | -2.96 | 50 | 75.63 | 6 |
3. Section HECM Loan Limits for Nevada. 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 Nevada county.
Nevada Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Nevada. Since September 2001, a total of 6,568 HECM reverse mortgages have been endorsed by HUD Offices located in Nevada. Nevada reverse mortgage endorsements represent 1.8% 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 Nevada 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 (Aug-2008). The first chart shows the distribution of HECM loan originations by Nevada 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 Aug-2008 |
|---|---|
| LAS VEGAS | 5,077 |
| RENO | 1,491 |
| Calendar Year | HECM Loans Sep-2001 to Aug-2008 |
|---|---|
| 2001 | 22 |
| 2002 | 187 |
| 2003 | 276 |
| 2004 | 696 |
| 2005 | 1,039 |
| 2006 | 1,713 |
| 2007 | 1,924 |
| 2008 | 711 |
5. Nevada Reverse Mortgage Lenders. So, who are Nevada's top reverse mortgage lenders? The following table shows Nevada's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Nevada HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 159 |
| OMNI HOME FINANCING INC | 89 |
| FINANCIAL FREEDOM SENIOR FUNDI | 56 |
| EVOFI ONE | 34 |
| AMWEST CAPITAL MORTGAGE INC | 27 |
| COUNTRYWIDE BANK FSB | 26 |
| FIRST MARINER BANK | 25 |
| EVERBANK REVERSE MORTGAGE LLC | 24 |
| NATIONS HOME FUNDING INC | 23 |
| STAY IN HOME MORTGAGE INC | 21 |
| NEVADA FEDERAL CREDIT UNION | 16 |
| ENVISION LENDING GROUP INC | 15 |
| ACCELERATED FUNDING GOVT LOANS | 13 |
| SKOFED MORTGAGE FUNDING CORP | 13 |
| LIBERTYSTREET FINANCIAL GROUP | 12 |
| SENIOR FINANCIAL CORP | 8 |
| OPTION FUNDING INC | 8 |
| PREM MORTGAGE | 8 |
| RNB INC | 6 |
| FIRST TENNESSEE BANK NA | 6 |
| FIVE STAR PARTNERSHIP LLC | 6 |
| ALLIED HOME MORTGAGE CAPITAL C | 5 |
| DIRECT ACCESS LLC | 5 |
| FIRSTLINE MORTGAGE INC | 5 |
| 928 HERITAGE INC | 5 |
The table below provides a longer term view of Nevada's top 25 lenders looking at the period from September 2001 up to the current month (Aug-2008). For a complete listing of Nevada reverse mortgage lenders, use this Nevada reverse mortgage lender directory.
| Top Nevada HECM Lenders | HECM Loans Sep-2001 to Aug-2008 |
|---|---|
| WELLS FARGO BANK NA | 2,218 |
| FINANCIAL FREEDOM SENIOR FUNDI | 559 |
| SEATTLE MORTGAGE COMPANY | 515 |
| WELLS FARGO HOME MORTGAGE INC | 443 |
| LIBERTYSTREET FINANCIAL GROUP | 384 |
| OMNI HOME FINANCING INC | 243 |
| US FINANCIAL MORTGAGE CORPOR | 208 |
| SKOFED MORTGAGE FUNDING CORP | 159 |
| SUN AMERICAN MORTGAGE CO | 96 |
| ACCELERATED FUNDING GOVT LOANS | 86 |
| NATIONS HOME FUNDING INC | 83 |
| AMERICAN MORTGAGE PROFESSIONAL | 82 |
| JAYNA INC | 81 |
| HURST FINANCIAL CORP | 78 |
| AMWEST CAPITAL MORTGAGE INC | 73 |
| EVOFI ONE | 72 |
| U S FINANCIAL MORTGAGE CORPORA | 70 |
| OAK HILL MORTGAGE INC | 69 |
| MERIT FINANCIAL INC | 69 |
| FIRST MARINER BANK | 62 |
| NU GLOBAL VISION CORP | 46 |
| FIRSTLINE MORTGAGE INC | 44 |
| SUNPOINT CORPORATION | 42 |
| FIRST NATIONS HOME FINANCE COR | 42 |
| COUNTRYWIDE BANK FSB | 42 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Nevada'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
.
