California Reverse Mortgage Information

Posted by Charles D

February 23, 2009

The California Reverse Mortgage climate is continuing to grow strong. After a record numbers and as credit becomes easier to obtain expect many more reverse mortgages to be completed this year. With Los Angeles and Orange County leading the way rest assured that the impact of the economy has helped to erode much of the equity that was created during the boom years.

One fact that is easy to forget is that unlike much of the population seniors happen to have been fortunate enough to have owned their home outright before California real estate prices began to grow.

Federal Office Location	HECM Loans Sep-2001 to Feb-2009
FRESNO	7,866
LOS ANGELES	22,150
SACRAMENTO	12,706
SAN DIEGO	6,928
SAN FRANCISCO	11,932
SANTA ANA	19,835

While the Housing of Urban Development has yet to release complete totals for 2008, the numbers below show that demand is still high with strong numbers for 2009.

Calendar Year	HECM Loans Sep-2001 to Feb-2009
2001	452
2002	2,390
2003	4,272
2004	11,569
2005	14,719
2006	23,955
2007	18,599
2008	5,461

The California Reverse Mortgage is dominated by Wells Fargo Reverse Mortgage loan officers. With competitive rates and aggressive agents combined with falling fees on reverse mortgages, Wells Fargo has found a good niche in the mortgage market.

Top California HECM Lenders	HECM Loans Sep-2001 to Feb-2009
WELLS FARGO BANK NA	19,569
FINANCIAL FREEDOM SENIOR FUNDI	6,575
SEATTLE MORTGAGE COMPANY	4,965
LIBERTY REVERSE MORTGAGE INC	4,850
WELLS FARGO HOME MORTGAGE INC	3,747
HOME CENTER MORTGAGE	1,951
SENIOR FUNDING ASSOCIATES	1,660
REVERSE MORTGAGES OF CA IN	1,459
PACIFIC REVERSE MORTGAGE INC	1,456
CALIFORNIA REVERSE MORTGAGE CO	1,426
NEW HORIZONS REVERSE MORTGAGE	1,417
LIBERTYSTREET FINANCIAL GROUP	1,194