Oregon Reverse Mortgage Information and Facts
Oregon Reverse Mortgage Information Overview
1. Census Data Relevant to the Oregon Reverse Mortgage Market. It is helpful to understand the demographic make-up of Oregon'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| OR | 37 | 27 | 12.6 | 22 | 1.7 | 4 | 17.2 | 25 | 63.8 | 46 |
The Census Bureau projects the senior citizen population in Oregon 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 |
|---|---|---|---|---|---|---|
| OR | 494,328 | 13.0 | 31 | 881,957 | 18.2 | 11 |
2. Oregon'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 Oregon for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Oregon 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 |
|---|---|---|---|---|
| OR | 0.24 | 17 | 67.42 | 8 |
3. Section HECM Loan Limits for Oregon. 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 Oregon county.
Oregon Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Oregon. Since September 2001, a total of 7,430 HECM reverse mortgages have been endorsed by HUD Offices located in Oregon. Oregon reverse mortgage endorsements represent 2.1% 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 Oregon 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 Oregon 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 |
|---|---|
| PORTLAND | 7,430 |
| Calendar Year | HECM Loans Sep-2001 to Nov-2008 |
|---|---|
| 2001 | 79 |
| 2002 | 317 |
| 2003 | 417 |
| 2004 | 751 |
| 2005 | 825 |
| 2006 | 1,855 |
| 2007 | 2,305 |
| 2008 | 881 |
5. Oregon Reverse Mortgage Lenders. So, who are Oregon's top reverse mortgage lenders? The following table shows Oregon's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Oregon HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 111 |
| FINANCIAL FREEDOM SENIOR FUNDI | 48 |
| COUNTRYWIDE BANK FSB | 48 |
| STAY IN HOME MORTGAGE INC | 45 |
| SEATTLE MORTGAGE COMPANY | 43 |
| LIBERTY REVERSE MORTGAGE INC | 41 |
| COLUMBIA RIVER BANKING COMPANY | 40 |
| ACCEPTANCE CAPITAL MORTGAGE CO | 34 |
| GOLF SAVINGS BANK | 30 |
| GUARANTEE MORTGAGE CORPORATION | 30 |
| LANDMARK MORTGAGE COMPANY | 24 |
| EQUIPOINT FINANCIAL NETWORK IN | 22 |
| OMNI HOME FINANCING INC | 21 |
| UMPQUA BANK | 21 |
| PREMIER MORTGAGE RESOURCES LLC | 19 |
| BANK OF THE CASCADES | 19 |
| REDWOOD FINANCIAL SERVICES INC | 18 |
| WESTERN STATES MORTGAGE CORP | 15 |
| GOLDEN MORTGAGE LLC | 12 |
| AMTEC FUNDING GROUP LLC | 12 |
| MORGAN FINANCIAL INC | 11 |
| PEOPLES BANK OF COMMERCE | 10 |
| GMAC MORTGAGE LLC | 9 |
| NORTHWEST MORTGAGE GROUP INC | 9 |
| CAPITAL M LENDING LLC | 7 |
The table below provides a longer term view of Oregon's top 25 lenders looking at the period from September 2001 up to the current month (Nov-2008). For a complete listing of Oregon reverse mortgage lenders, use this Oregon reverse mortgage lender directory.
| Top Oregon HECM Lenders | HECM Loans Sep-2001 to Nov-2008 |
|---|---|
| WELLS FARGO BANK NA | 1,226 |
| SEATTLE MORTGAGE COMPANY | 1,179 |
| FINANCIAL FREEDOM SENIOR FUNDI | 681 |
| WELLS FARGO HOME MORTGAGE INC | 419 |
| LANDMARK MORTGAGE COMPANY | 386 |
| COLUMBIA RIVER BANKING COMPANY | 337 |
| LIBERTY REVERSE MORTGAGE INC | 260 |
| STAY IN HOME MORTGAGE INC | 243 |
| BANK OF THE CASCADES | 171 |
| US FINANCIAL MORTGAGE CORPOR | 128 |
| GOLF SAVINGS BANK | 108 |
| MORTGAGE MARKET INC | 107 |
| OMNI HOME FINANCING INC | 95 |
| PACIFIC REPUBLIC MORTGAGE CORP | 92 |
| UMPQUA BANK | 92 |
| GUARANTEE MORTGAGE CORPORATION | 92 |
| ACTION MORTGAGE | 91 |
| ACCEPTANCE CAPITAL MORTGAGE CO | 81 |
| MERIT FINANCIAL INC | 79 |
| U S FINANCIAL MORTGAGE CORPORA | 75 |
| EQUIPOINT FINANCIAL NETWORK IN | 69 |
| WELCOME HOME LOANS INC | 66 |
| SUMMIT MORTGAGE CORPORATION | 64 |
| COUNTRYWIDE BANK FSB | 60 |
| GOLDEN MORTGAGE LLC | 57 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Oregon'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
.
