New York Reverse Mortgage Information and Facts
New York Reverse Mortgage Information Overview
1. Census Data Relevant to the New York Reverse Mortgage Market. It is helpful to understand the demographic make-up of New York'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| NY | 37.5 | 19 | 12.7 | 21 | 1.6 | 12 | 17.7 | 17 | 55.3 | 52 |
The Census Bureau projects the senior citizen population in New York 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 |
|---|---|---|---|---|---|---|
| NY | 2,651,655 | 13.6 | 25 | 3,916,891 | 20.1 | 11 |
2. New York'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 York for the most recent 1-year and 5-year periods and, also, how the HPI rankings for New York 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 |
|---|---|---|---|---|
| NY | 0.59 | 40 | 51.1 | 21 |
3. Section HECM Loan Limits for New York. 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 York county.
New York Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in New York. Since September 2001, a total of 16,317 HECM reverse mortgages have been endorsed by HUD Offices located in New York. New York reverse mortgage endorsements represent 4.5% 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 York 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 New York 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 |
|---|---|
| ALBANY | 2,507 |
| BUFFALO | 2,132 |
| NEW YORK | 11,678 |
| Calendar Year | HECM Loans Sep-2001 to Aug-2008 |
|---|---|
| 2001 | 246 |
| 2002 | 978 |
| 2003 | 1,249 |
| 2004 | 1,925 |
| 2005 | 2,202 |
| 2006 | 3,657 |
| 2007 | 4,512 |
| 2008 | 1,548 |
5. New York Reverse Mortgage Lenders. So, who are New York's top reverse mortgage lenders? The following table shows New York's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top New York HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 239 |
| M AND T BANK | 191 |
| WORLD ALLIANCE FINANCIAL CORP | 140 |
| FINANCIAL FREEDOM SENIOR FUNDI | 107 |
| EVERBANK REVERSE MORTGAGE LLC | 92 |
| UPSTATE CAPITAL INC | 87 |
| RESIDENTIAL EQUITY FUNDING COR | 72 |
| BEST INTEREST MORTGAGE CORP | 42 |
| COMMUNITY HOME EQU CONV CORP | 41 |
| FAST TRACK FUNDING CORP | 37 |
| AGENCY FOR CONSUMER EQUITY MOR | 36 |
| CAMBRIDGE HOME CAPITAL LLC | 30 |
| COUNTRYWIDE BANK FSB | 30 |
| UNITED MORTGAGE CORP | 28 |
| SOMERSET INVESTORS CORP | 24 |
| FIRST MARINER BANK | 22 |
| ALBANY MORTGAGE GROUP INC | 22 |
| GUARDIAN FIRST FUNDING GROUP L | 21 |
| USA FINANCIAL RESOURCES INC | 18 |
| IDEAL MORTGAGE BANKERS | 13 |
| PACIFIC REVERSE MORTGAGE INC | 13 |
| MCS MORTGAGE BANKERS INC | 12 |
| UNITED NORTHERN MORTGAGE BANKE | 12 |
| ADVANCED FUNDING SOLUTIONS INC | 11 |
| CONTINENTAL HOME LOANS INC | 10 |
The table below provides a longer term view of New York's top 25 lenders looking at the period from September 2001 up to the current month (Aug-2008). For a complete listing of New York reverse mortgage lenders, use this New York reverse mortgage lender directory.
| Top New York HECM Lenders | HECM Loans Sep-2001 to Aug-2008 |
|---|---|
| BNY MORTGAGE COMPANY LLC | 3,128 |
| WELLS FARGO BANK NA | 2,439 |
| FINANCIAL FREEDOM SENIOR FUNDI | 2,291 |
| VERTICAL LEND INC | 871 |
| M AND T BANK | 847 |
| M AND T MORTGAGE CORPORATION | 798 |
| COMMUNITY HOME EQU CONV CORP | 725 |
| FAST TRACK FUNDING CORP | 663 |
| AGENCY FOR CONSUMER EQUITY MOR | 623 |
| CAMBRIDGE HOME CAPITAL LLC | 308 |
| WELLS FARGO HOME MORTGAGE INC | 298 |
| AMSTON MORTGAGE | 289 |
| UPSTATE CAPITAL INC | 271 |
| USA FINANCIAL RESOURCES INC | 213 |
| RESIDENTIAL EQUITY FUNDING COR | 163 |
| CONTINENTAL HOME LOANS INC | 144 |
| WORLD ALLIANCE FINANCIAL CORP | 140 |
| CONCORD MORTGAGE CORP | 137 |
| UNITED MORTGAGE CORP | 128 |
| EVERBANK REVERSE MORTGAGE LLC | 122 |
| FAMILY HOME FINANCE CORP | 116 |
| UNITED NORTHERN MORTGAGE BANKE | 111 |
| BEST INTEREST MORTGAGE CORP | 101 |
| CARTERET MORTGAGE CORPORATION | 100 |
| SOUTHERN STAR MORTGAGE CORP | 94 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of New York'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
.
