Virginia Reverse Mortgage Information and Facts
Virginia Reverse Mortgage Information Overview
1. Census Data Relevant to the Virginia Reverse Mortgage Market. It is helpful to understand the demographic make-up of Virginia'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 |
|---|---|---|---|---|---|---|---|---|---|---|
| VA | 37.2 | 24 | 11.2 | 43 | 1.1 | 41 | 19.8 | 6 | 69.6 | 23 |
The Census Bureau projects the senior citizen population in Virginia 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 |
|---|---|---|---|---|---|---|
| VA | 994,359 | 12.4 | 38 | 1,843,988 | 18.8 | 4 |
2. Virginia'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 Virginia for the most recent 1-year and 5-year periods and, also, how the HPI rankings for Virginia 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 |
|---|---|---|---|---|
| VA | -0.57 | 38 | 66.28 | 10 |
3. Section HECM Loan Limits for Virginia. 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 Virginia county.
Virginia Limits for HECM Loans by County
4. Reverse Mortgage Loan Activity in Virginia. Since September 2001, a total of 7,591 HECM reverse mortgages have been endorsed by HUD Offices located in Virginia. Virginia 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 Virginia 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 (Oct-2008). The first chart shows the distribution of HECM loan originations by Virginia 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 Oct-2008 |
|---|---|
| RICHMOND | 7,591 |
| Calendar Year | HECM Loans Sep-2001 to Oct-2008 |
|---|---|
| 2001 | 105 |
| 2002 | 358 |
| 2003 | 387 |
| 2004 | 651 |
| 2005 | 767 |
| 2006 | 1,549 |
| 2007 | 2,692 |
| 2008 | 1,082 |
5. Virginia Reverse Mortgage Lenders. So, who are Virginia's top reverse mortgage lenders? The following table shows Virginia's top 25 originators of HUD HECM loans thus far for calendar year 2008:
| Top Virginia HECM Lenders | HECM Loans 2008 |
|---|---|
| WELLS FARGO BANK NA | 185 |
| FINANCIAL FREEDOM SENIOR FUNDI | 87 |
| SENIORS FIRST MORTGAGE COMPANY | 77 |
| PROVIDENCE ONE INC | 52 |
| MORTGAGESHOP LLC | 45 |
| WORLD ALLIANCE FINANCIAL CORP | 44 |
| FIRST MARINER BANK | 42 |
| LIVE WELL FINANCIAL INC | 34 |
| COUNTRYWIDE BANK FSB | 33 |
| OMNI HOME FINANCING INC | 28 |
| OLD VIRGINIA MORTGAGE INC | 25 |
| METAMERICA MORTGAGE BANKERS IN | 23 |
| ATLANTIC BAY MORTGAGE GROUP LL | 18 |
| STERLING MORTGAGE CORPORATION | 17 |
| ENTERPRISE MORTGAGE CORP | 17 |
| ACADEMY MORTGAGE LLC | 16 |
| GUARDIAN FIRST FUNDING GROUP L | 15 |
| HARVARD HOME MORTGAGE INC | 15 |
| AMSTON MORTGAGE | 11 |
| SAVINGS FIRST MORTGAGE LLC | 11 |
| NET EQUITY FINANCIAL INC | 11 |
| FRANK J WEAVER INC | 11 |
| PACIFIC REVERSE MORTGAGE INC | 10 |
| ACTION MORTGAGE | 10 |
| PROFESSIONAL MORTGAGE CORP | 10 |
The table below provides a longer term view of Virginia's top 25 lenders looking at the period from September 2001 up to the current month (Oct-2008). For a complete listing of Virginia reverse mortgage lenders, use this Virginia reverse mortgage lender directory.
| Top Virginia HECM Lenders | HECM Loans Sep-2001 to Oct-2008 |
|---|---|
| WELLS FARGO BANK NA | 1,797 |
| SENIORS FIRST MORTGAGE COMPANY | 1,570 |
| FINANCIAL FREEDOM SENIOR FUNDI | 816 |
| OLD VIRGINIA MORTGAGE INC | 249 |
| WELLS FARGO HOME MORTGAGE INC | 204 |
| LIVE WELL FINANCIAL INC | 185 |
| ATLANTIC BAY MORTGAGE GROUP LL | 157 |
| PROVIDENCE ONE INC | 152 |
| FIRST MARINER BANK | 141 |
| STERLING MORTGAGE CORPORATION | 129 |
| ENTERPRISE MORTGAGE CORP | 122 |
| UNITED FIRST MORTGAGE INC | 121 |
| ALLIED HOME MORTGAGE CAPITAL C | 117 |
| ACADEMY MORTGAGE LLC | 105 |
| OMNI HOME FINANCING INC | 100 |
| VERTICAL LEND INC | 93 |
| MORTGAGESHOP LLC | 86 |
| TIDEWATER HOME FUNDING | 63 |
| UNITED CAPITAL INC | 51 |
| AMSTON MORTGAGE | 50 |
| HARVARD HOME MORTGAGE INC | 50 |
| PROFESSIONAL MORTGAGE CORP | 50 |
| CARTERET MORTGAGE CORPORATION | 49 |
| AIG FEDERAL SAVINGS BANK | 47 |
| PACIFIC REVERSE MORTGAGE INC | 44 |
ATTENTION REVERSE MORTGAGE LENDERS - if you are listed above as one of Virginia'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
.
