Pennsylvania Reverse Mortgage Information and Facts
Pennsylvania Reverse Mortgage Information Overview
1. Census Data Relevant to the Pennsylvania Reverse Mortgage Market. It is helpful to understand the demographic make-up of Pennsylvania'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| PA | 39.7 | 5 | 14.6 | 3 | 1.7 | 4 | 20.1 | 5 | 71.5 | 10 |
The Census Bureau projects the senior citizen population in Pennsylvania 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 |
|---|---|---|---|---|---|---|
| PA | 1,956,235 | 15.5 | 4 | 2,890,068 | 22.6 | 5 |
2. Pennsylvania'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 Pennsylvania for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Pennsylvania 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 |
|---|---|---|---|---|
| PA | 0.41 | 22 | 47.95 | 22 |
3. Section HECM Loan Limits for Pennsylvania. 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 Pennsylvania county.
Pennsylvania Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Pennsylvania. Since September 2001, a total of 10,824 HECM reverse mortgages have been endorsed by HUD Offices located in Pennsylvania. Pennsylvania reverse mortgage endorsements represent 3% 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 Pennsylvania 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 Pennsylvania 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 |
|---|---|
| PHILADELPHIA | 8,516 |
| PITTSBURGH | 2,308 |
| Calendar Year | HECM Loans Sep-2001 to Nov-2008 |
|---|---|
| 2001 | 129 |
| 2002 | 487 |
| 2003 | 619 |
| 2004 | 933 |
| 2005 | 1,216 |
| 2006 | 2,245 |
| 2007 | 3,768 |
| 2008 | 1,427 |
5. Pennsylvania Reverse Mortgage Lenders. So, who are Pennsylvania's top reverse mortgage lenders? The following table shows Pennsylvania's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Pennsylvania HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 243 |
| FINANCIAL FREEDOM SENIOR FUNDI | 139 |
| WORLD ALLIANCE FINANCIAL CORP | 121 |
| M AND T BANK | 95 |
| BANK OF AMERICA NA CHARLOTTE | 63 |
| EVERBANK REVERSE MORTGAGE LLC | 37 |
| FIRST MARINER BANK | 35 |
| AFC REVERSE MORTGAGE INC | 32 |
| COUNTRYWIDE BANK FSB | 31 |
| ACADEMY MORTGAGE LLC | 30 |
| METLIFE BANK NATIONAL ASSOCIA | 26 |
| GENERATION MORTGAGE COMPANY | 24 |
| LIBERTY REVERSE MORTGAGE INC | 23 |
| GATEWAY FUNDING DIVERSIFIED MT | 22 |
| FRANK J WEAVER INC | 22 |
| AAKO INC | 20 |
| CARDINAL FINANCIAL COMPANY | 18 |
| SAVINGS FIRST MORTGAGE LLC | 17 |
| FULTON BANK | 16 |
| NORTHEAST FINANCIAL CORP | 15 |
| ALLIED MORTGAGE GROUP INC | 15 |
| ALLIED HOME MORTGAGE CAPITAL C | 15 |
| JAMES B NUTTER AND COMPANY | 15 |
| AMWEST CAPITAL MORTGAGE INC | 14 |
| HOME CONSULTANTS INC | 14 |
The table below provides a longer term view of Pennsylvania's top 25 lenders looking at the period from September 2001 up to the current month (Nov-2008). For a complete listing of Pennsylvania reverse mortgage lenders, use this Pennsylvania reverse mortgage lender directory.
| Top Pennsylvania HECM Lenders | HECM Loans Sep-2001 to Nov-2008 |
|---|---|
| FINANCIAL FREEDOM SENIOR FUNDI | 2,008 |
| WELLS FARGO BANK NA | 1,979 |
| SEATTLE MORTGAGE COMPANY | 901 |
| M AND T BANK | 390 |
| ALL PENNSYLVANIA REVERSE MORTG | 350 |
| CARDINAL FINANCIAL COMPANY | 337 |
| VERTICAL LEND INC | 320 |
| WELLS FARGO HOME MORTGAGE INC | 298 |
| BNY MORTGAGE COMPANY LLC | 251 |
| AAKO INC | 246 |
| ACADEMY MORTGAGE LLC | 223 |
| EMPIRE EQUITY GROUP INC | 163 |
| S AND T BANK | 162 |
| M AND T MORTGAGE CORPORATION | 161 |
| WEST PENN FIN SERVICE CTR INC | 156 |
| GATEWAY FUNDING DIVERSIFIED MT | 151 |
| HOME CONSULTANTS INC | 148 |
| FIRST MARINER BANK | 144 |
| AFC FIRST FINANCIAL CORPORATIO | 143 |
| BANK OF AMERICA NA CHARLOTTE | 140 |
| MORTGAGE MOBILITY LLC | 122 |
| WORLD ALLIANCE FINANCIAL CORP | 121 |
| AFC REVERSE MORTGAGE INC | 113 |
| ALLIED MORTGAGE GROUP INC | 109 |
| ALLIED HOME MORTGAGE CAPITAL C | 89 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Pennsylvania'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
.
