Top 10 Reverse Mortgage Lenders in Delaware
*Source: BBB Lender Ratings as of 12-23-2018
|Lender Name||Company Start Date ||Lender Rating ||Review Stars (0-5.0)||% of Positive Reviews||# of Complaints Last 3 Yrs.||BBB Reviews
|All Reverse Mortgage, Inc. ||05/27/2004||A+||5.0||100%||2||Review Source
|American Advisors Group (AAG)||10/29/2004||A- ||4.1||82%||41||Review Source
|Reverse Mortgage Funding LLC||09/25/2012||A+ ||3.2||64%||3||Review Source
|Live Well Financial, Inc.||08/28/2008 ||A+||2.1||17%||9||Review Source
|One Reverse Mortgage, LLC||07/12/2001||A+ ||3.2||60%||5||Review Source
|Liberty Home Equity Solutions, Inc.||09/05/2003||A+ ||2.7||40%||5||Review Source
|HighTechLending Inc||06/06/2006||C+ ||2.3||0%||2||Review Source
|Reverse Mortgage Solutions, Inc.||02/21/2007||F ||1.05||1%||86||Review Source
|Synergy One Lending, Inc. (Retirement Funding Solutions)||01/09/2013 ||A+||N/A||N/A||1||Review Source
|Finance of America Reverse LLC||10/15/2003||A+ ||N/A||N/A||3||Review Source
We are proud to be Delaware's #1 rated reverse mortgage lender by the BBB with a Perfect 5.0 stars and A+ review. All Reverse Mortgage® lends in 16 states nationwide, and throughout all of Delaware state.
All Reverse began in November 2007 and as the name implies, the only loan product that All Reverse Mortgage® originates is the residential reverse mortgage loan.
We offer reverse mortgages to DE's homeowners and our staff has a combined lending experience exceeding 100 years with national mortgage banking experience on both coasts and points between. Due to this varied direct experience, All Reverse Mortgage® is well positioned to be able to assist borrowers with all specific needs associated with the reverse mortgage program.
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
HUD Approved Direct Lender
All Reverse Mortgage® is approved with the Department of Housing and Urban Development (HUD) to originate, underwrite and close the HUD Home Equity Conversion Mortgage (HECM, or “Heck-um”). The HECM is HUD’s acronym for the reverse mortgage program it administers for seniors who are 62 and older.
All Reverse Mortgage® originates in Delaware and offers several reverse mortgage options. In some instances, borrowers are looking to pay off their existing loan and eliminate their monthly mortgage payment. Or, if they already have paid off their mortgage, a reverse loan can help borrowers utilize their equity for other purposes. In some cases, borrowers can do both. They also may use a specific type of reverse mortgage to purchase a new home.
About All Reverse Mortgage
The owners and management of All Reverse were part of the team that wrote and sold the first fixed rate jumbo reverse mortgage in 2008 and, as such, have extensive experience in jumbo or proprietary loan programs. We are always looking for new products to offer to borrowers with high valued homes in strong real estate markets where the HUD HECM might not serve well. Jumbo or proprietary programs typically offer lower Principal Limits as they relate to home values, but can offer stronger borrowing power because they are not restricted by the federal loan limit set by HUD.
A seasoned originator can readily inform borrowers about their loan options, and can provide detail on the different options available, so that the borrower can make an informed decision. It is no longer uncommon to find markets where HECMs are most popular located in close proximity to markets where jumbo reverse mortgages are more widely used.
Homeowners aged 62 and older in many markets have seen that the reverse mortgage can be a very solid financial tool, leading to many now seeking the reverse mortgage to augment their retirement plans rather than the last-resort approach more common in the past. Borrowers are using reverse mortgages for many purposes, from the elimination of existing mortgage payments to the line of credit that grows over time, offering more borrowing opportunities in the future.
Reverse mortgage borrowers understand that this program allows them to utilize their homes to not only live comfortably and age-in-place, but to plan for their financial future as well.
Delaware Lending Limits
Delaware is the 45th most populous state in the United States and the 45th largest in terms of land size. As of 2017, about 961,939 people resided in the state, with the bulk of the population concentrated in the north in and around Wilmington. About 174,100 residents are age 65 and older, and about 70% of people in the state are homeowners.
Delaware was home to two distinct native tribes before the Europeans made contact in the early 1600s. The Dutch were the first to establish settlements in the area, and the land would go on to change hands to the English. Delaware was the first to ratify the constitution after the American Revolution, making it the first state in the U.S. To this day, it is made up of the same three counties that were established in the state by 1682.
Wilmington is the largest city in Delaware with a population of 72,846. The first settlement on this site was founded by the Swedes in 1638 as Fort Christina, featuring the first log cabins built in the United States. Notable names who have called Delaware home are documentary filmmaker Ken Burns and singer Bob Marley, as well as Dogfish Head Craft Brewery.
Despite being only 35 miles across at its widest point, Delaware is the sixth most densely populated state. After Wilmington, the next largest cities in the state are Dover and Newark. The largest industries in Delaware are agriculture, manufacturing, and mining — and tourism is thriving thanks to the state’s tax-free shopping. The state’s biggest companies are DuPont, Integrity Staffing Solutions, and W.L. Gore and Associates.
Delaware has a moderate climate with an average July high of 87 degrees Fahrenheit and an average January low of 27 degrees Fahrenheit. Its location on the Atlantic coast makes the state susceptible to hurricanes, nor’easters, and severe winter weather. Temperatures along the coast are hotter in the summer and colder in the winter.
The average home value in the state is $232,100, and prices are expected to rise an additional 5.3% in the next year. Given this average, many homes fall below the federal maximum reverse mortgage lending limit of $726,525 that applies to all HECM loans. For more borrowing power above the federal limit, there are jumbo reverse mortgage programs available.
If you reside in Delaware, All Reverse Mortgage is here to answer your questions. Access our online calculator or call us Toll Free at (800) 565-1722.
Top 3 Lender Resources in MS:
Top 10 Lender Reviews & Ratings: https://reverse.mortgage/best-reverse-mortgage-lenders
Reversemortgage.org NRMLA Members in Delaware: https://www.reversemortgage.org/Find-a-Lender/state/DE
HUD.GOV Lenders: https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist