Oklahoma Reverse Mortgage Information and Facts
Oklahoma Reverse Mortgage Information Overview
1. Census Data Relevant to the Oklahoma Reverse Mortgage Market. It is helpful to understand the demographic make-up of Oklahoma'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| OK | 36.5 | 33 | 12.9 | 14 | 1.2 | 32 | 16.9 | 27 | 67.9 | 35 |
The Census Bureau projects the senior citizen population in Oklahoma 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 |
|---|---|---|---|---|---|---|
| OK | 494,966 | 13.8 | 20 | 757,553 | 19.4 | 9 |
2. Oklahoma'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 Oklahoma for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Oklahoma 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 |
|---|---|---|---|---|
| OK | 0.81 | 9 | 26.98 | 41 |
3. Section HECM Loan Limits for Oklahoma. 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 Oklahoma county.
Oklahoma Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Oklahoma. Since September 2001, a total of 2,376 HECM reverse mortgages have been endorsed by HUD Offices located in Oklahoma. Oklahoma reverse mortgage endorsements represent 0.7% 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 Oklahoma 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 Oklahoma 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 |
|---|---|
| OKLAHOMA CITY | 1,140 |
| TULSA | 1,236 |
| Calendar Year | HECM Loans Sep-2001 to Aug-2008 |
|---|---|
| 2001 | 31 |
| 2002 | 109 |
| 2003 | 141 |
| 2004 | 196 |
| 2005 | 353 |
| 2006 | 517 |
| 2007 | 756 |
| 2008 | 273 |
5. Oklahoma Reverse Mortgage Lenders. So, who are Oklahoma's top reverse mortgage lenders? The following table shows Oklahoma's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Oklahoma HECM Lenders | HECM Loans 2008 |
|---|---|
| URBAN FINANCIAL GROUP | 74 |
| WELLS FARGO BANK NA | 38 |
| FINANCIAL FREEDOM SENIOR FUNDI | 23 |
| CITIZENS MORTGAGE CORPORATION | 16 |
| HOME WORX MORTGAGE LLC | 15 |
| PACIFIC REVERSE MORTGAGE INC | 11 |
| OMNI HOME FINANCING INC | 10 |
| 1ST AAA REVERSE MORTGAGE INC | 9 |
| COUNTRYWIDE BANK FSB | 8 |
| FIRST COMMERCIAL BANK | 7 |
| COPPERMARK BANK | 7 |
| RESOURCE MORTGAGE OF NORMAN | 5 |
| GENERATION MORTGAGE COMPANY | 5 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 5 |
| BANK OF TEXAS NA | 4 |
| ARKANSAS VALLEY STATE BANK | 4 |
| LIVE WELL FINANCIAL INC | 4 |
| ALLIED HOME MORTGAGE CAPITAL C | 3 |
| US FINANCIAL MORTGAGE CORPOR | 2 |
| FIRST PRYORITY BANK | 2 |
| TULSA MORTGAGE COMPANY | 2 |
| JAMES B NUTTER AND COMPANY | 2 |
| FIRST MORTGAGE COMPANY LLC | 2 |
| WEOKIE CREDIT UNION | 2 |
| CITIZENS BANK OF ADA | 2 |
The table below provides a longer term view of Oklahoma's top 25 lenders looking at the period from September 2001 up to the current month (Aug-2008). For a complete listing of Oklahoma reverse mortgage lenders, use this Oklahoma reverse mortgage lender directory.
| Top Oklahoma HECM Lenders | HECM Loans Sep-2001 to Aug-2008 |
|---|---|
| URBAN FINANCIAL GROUP | 602 |
| WELLS FARGO BANK NA | 504 |
| FINANCIAL FREEDOM SENIOR FUNDI | 314 |
| WELLS FARGO HOME MORTGAGE INC | 183 |
| FIRST COMMERCIAL BANK | 161 |
| SEATTLE MORTGAGE COMPANY | 73 |
| COPPERMARK BANK | 46 |
| CITIZENS MORTGAGE CORPORATION | 39 |
| JAMES B NUTTER AND COMPANY | 35 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 29 |
| REALTY MORTGAGE CORPORATION | 29 |
| PACIFIC REVERSE MORTGAGE INC | 23 |
| FAIRWAY INDEPENDENT MORTGAGE C | 21 |
| RESOURCE MORTGAGE OF NORMAN | 19 |
| FIRST MORTGAGE COMPANY LLC | 19 |
| MOUNTAIN PACIFIC MORTGAGE CO | 19 |
| COUNTRYWIDE BANK FSB | 17 |
| HOME WORX MORTGAGE LLC | 15 |
| ALLIED HOME MORTGAGE CAPITAL C | 15 |
| 1ST AAA REVERSE MORTGAGE INC | 14 |
| AMERICAN REVERSE MORTGAGE CORP | 14 |
| LIVE WELL FINANCIAL INC | 14 |
| US FINANCIAL MORTGAGE CORPOR | 14 |
| FIRST MARINER BANK | 13 |
| GENERATION MORTGAGE COMPANY | 13 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Oklahoma'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
.
