Top 20 Reverse Mortgage Lenders in Delaware
| Lender | Rating | Years in Business | Stars (0-5) | Good Review % | Complaints | BBB Review |
|---|---|---|---|---|---|---|
| Advisors Mortgage Group | A+ | 24 | 1.80/5 | 36.0% | 5 | Source |
| American Advisors Group (AAG) | A | 19 | 4.70/5 | 94.0% | 61 | Source |
| American Pacific Mortgage | F | 28 | 1.75/5 | 35.0% | 13 | Source |
| Ennkar Inc. | A+ | 14 | 4.00/5 | 80.0% | 3 | Source |
| Fairway Independent Mortgage | A+ | 28 | 4.43/5 | 88.6% | 38 | Source |
| Finance of America Reverse LLC (FAR) | A+ | 20 | 1.00/5 | 20.0% | 21 | Source |
| GoodLife Home Loans | A+ | 12 | 4.43/5 | 88.6% | 0 | Source |
| Guild Mortgage Company (Formerly Cherry Creek LLC) | A+ | 64 | 1.36/5 | 27.2% | 41 | Source |
| HighTechLending Inc | A+ | 18 | 4.93/5 | 98.6% | 0 | Source |
| Liberty Home Equity Solutions Inc. | A+ | 21 | 1.00/5 | 20.0% | 3 | Source |
| Longbridge Financial LLC | A+ | 12 | 3.95/5 | 79.0% | 17 | Source |
| Mid America Mortgage Inc. | A+ | 65 | 3.00/5 | 60.0% | 0 | Source |
| Moneyhouse | NR | NA | NA | NA | 0 | Source |
| Movement Mortgage, LLC | A+ | 17 | 4.80/5 | 95.6% | 111 | Source |
| Mutual of Omaha Mortgage | A+ | 11 | 4.72/5 | 94.4 | 52 | Source |
| Open Mortgage LLC | A+ | 21 | 2.60/5 | 52.0% | 1 | Source |
| Plaza Home Mortgage Inc | A+ | 23 | 2.29/5 | 45.8% | 18 | Source |
| Smartfi Home Loans | A+ | 5 | NA | NA | 0 | Source |
| South River Mortgage, LLC | A+ | 5 | 2.43/5 | 48.6% | 15 | Source |
Delaware Reverse Mortgage Facts
| State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Purchase Reverse Mortgages Closed Last 12 Months | Lenders in Delaware | Avg. Home Value |
|---|---|---|---|---|---|
| Delaware | 46,105 | 109 | 7 | 28 | $370,761 |
Delaware Reverse Mortgage Overview
Delaware, often referred to as “The First State” due to its early ratification of the U.S. Constitution, is home to nearly 1 million residents. A significant number are homeowners aged 62 and older, making many eligible for a reverse mortgage to help enhance their retirement years.
The median home value in Delaware is $327,500, which is well below the federal maximum reverse mortgage lending limit of $1,149,825 for Home Equity Conversion Mortgages (HECM). This means that most Delaware homeowners can fully benefit from a reverse mortgage, which allows them to tap into their home’s equity while continuing to live in it.
Delaware’s rich history dates back to its founding in 1638 when Swedish settlers established the first European settlement in the state. Delaware became the first state to join the Union in 1787. Its small size belies its historical significance, with Wilmington being the largest city and a hub of commerce and industry.
Wilmington, located at the confluence of the Christina River and Brandywine Creek, is known for its vibrant cultural scene and is home to a variety of businesses, including several major financial institutions. Dover, the state capital, is steeped in history and hosts the annual Dover International Speedway races, which draw visitors from all over the country.
Delaware’s climate is generally mild, with warm summers and cool winters. The state experiences all four seasons, with average temperatures ranging from a low of 32 degrees Fahrenheit in January to a high of 85 degrees Fahrenheit in July. Its coastal location means that some areas are prone to higher humidity and occasional coastal storms.
Delaware’s economy is diverse, with major industries including banking, pharmaceuticals, and agriculture. The state is also known for its favorable tax climate, which attracts many retirees seeking a comfortable and affordable place to live. Large companies such as DuPont and AstraZeneca have a significant presence in Delaware.
With the average home value in Delaware being $327,500, most homes fall within the HECM reverse mortgage lending limit. However, jumbo reverse mortgage programs are available for those with higher-valued homes, offering even greater borrowing power.
Did you know? Delaware does not mandate in-person counseling. Visit our counseling page for a list of phone-based counseling agencies and conduct your required counseling from the comfort of your home.
Top Lender Resources in DE:
Reversemortgage.org NRMLA Members in Delaware
HUD.GOV Approved Lenders Search
