Tennessee Reverse Mortgage Information and Facts
Tennessee Reverse Mortgage Information Overview
1. Census Data Relevant to the Tennessee Reverse Mortgage Market. It is helpful to understand the demographic make-up of Tennessee'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| TN | 37.3 | 23 | 12.2 | 29 | 1.1 | 41 | 17.2 | 25 | 69.3 | 27 |
The Census Bureau projects the senior citizen population in Tennessee 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 |
|---|---|---|---|---|---|---|
| TN | 829,023 | 13.3 | 29 | 1,417,708 | 19.2 | 5 |
2. Tennessee'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 Tennessee for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Tennessee 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 |
|---|---|---|---|---|
| TN | 0.56 | 14 | 31.14 | 37 |
3. Section HECM Loan Limits for Tennessee. 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 Tennessee county.
Tennessee Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Tennessee. Since September 2001, a total of 2,736 HECM reverse mortgages have been endorsed by HUD Offices located in Tennessee. Tennessee reverse mortgage endorsements represent 0.8% 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 Tennessee 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 (Sep-2008). The first chart shows the distribution of HECM loan originations by Tennessee 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 Sep-2008 |
|---|---|
| KNOXVILLE | 1,372 |
| MEMPHIS | 688 |
| NASHVILLE | 676 |
| Calendar Year | HECM Loans Sep-2001 to Sep-2008 |
|---|---|
| 2001 | 36 |
| 2002 | 129 |
| 2003 | 233 |
| 2004 | 247 |
| 2005 | 221 |
| 2006 | 512 |
| 2007 | 930 |
| 2008 | 428 |
5. Tennessee Reverse Mortgage Lenders. So, who are Tennessee's top reverse mortgage lenders? The following table shows Tennessee's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Tennessee HECM Lenders | HECM Loans 2008 |
|---|---|
| COUNTRYWIDE BANK FSB | 74 |
| WELLS FARGO BANK NA | 48 |
| FINANCIAL FREEDOM SENIOR FUNDI | 30 |
| MORTGAGE SOUTH OF TENNESSEE | 29 |
| URBAN FINANCIAL GROUP | 25 |
| RESIDENTIAL LOAN CENTERS OF AM | 24 |
| U S A MORTGAGE INC | 20 |
| ACADEMY MORTGAGE LLC | 18 |
| WORLD ALLIANCE FINANCIAL CORP | 15 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 13 |
| PACIFIC REVERSE MORTGAGE INC | 12 |
| VAN DYK MORTGAGE CORPORATION | 11 |
| ALLIED HOME MORTGAGE CAPITAL C | 8 |
| SEMINOLE FUNDING INC | 6 |
| OMNI HOME FINANCING INC | 6 |
| UNITED CAPITAL INC | 6 |
| PREMIER MORTGAGE FUNDING INC | 5 |
| FIRST MARINER BANK | 4 |
| LIVE WELL FINANCIAL INC | 4 |
| AMERICA'S MORTGAGE BROKER LLC | 4 |
| NFM INC | 4 |
| CARTERET MORTGAGE CORPORATION | 3 |
| FIRST TENNESSEE BANK NA | 3 |
| SIDUS FINANCIAL LLC | 3 |
| JAMES B NUTTER AND COMPANY | 3 |
The table below provides a longer term view of Tennessee's top 25 lenders looking at the period from September 2001 up to the current month (Sep-2008). For a complete listing of Tennessee reverse mortgage lenders, use this Tennessee reverse mortgage lender directory.
| Top Tennessee HECM Lenders | HECM Loans Sep-2001 to Sep-2008 |
|---|---|
| WELLS FARGO BANK NA | 540 |
| MORTGAGE SOUTH OF TENNESSEE | 530 |
| FINANCIAL FREEDOM SENIOR FUNDI | 355 |
| WELLS FARGO HOME MORTGAGE INC | 202 |
| TRANSLAND FINANCIAL SERVICES I | 170 |
| RESIDENTIAL LOAN CENTERS OF AM | 97 |
| COUNTRYWIDE BANK FSB | 79 |
| ACADEMY MORTGAGE LLC | 75 |
| HOME FEDERAL SAVINGS BANK TN | 69 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 62 |
| ALLIED HOME MORTGAGE CAPITAL C | 47 |
| OMNI HOME FINANCING INC | 46 |
| PACIFIC REVERSE MORTGAGE INC | 45 |
| SEMINOLE FUNDING INC | 34 |
| URBAN FINANCIAL GROUP | 32 |
| CARTERET MORTGAGE CORPORATION | 30 |
| FIRST MARINER BANK | 27 |
| U S A MORTGAGE INC | 22 |
| LIVE WELL FINANCIAL INC | 20 |
| UNITED CAPITAL INC | 18 |
| WORLD ALLIANCE FINANCIAL CORP | 15 |
| VAN DYK MORTGAGE CORPORATION | 14 |
| AMERICA'S MORTGAGE BROKER LLC | 14 |
| AMERICAN ADVISORS GROUP | 12 |
| PREMIER MORTGAGE FUNDING INC | 10 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Tennessee'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
.
