Reverse Mortgages in Delaware: A Comprehensive Guide
If you’re a Delaware homeowner aged 62 or older, a reverse mortgage could be a valuable tool to help you unlock the equity in your home and improve your financial security during retirement. In this guide, we’ll cover everything you need to know about reverse mortgages in Delaware, including key facts, the latest statistics, top lenders, and essential protections.
Top 20 Reverse Mortgage Lenders in Delaware
| Lender | Rating | Years in Business | Stars (0-5) | Good Review % | Complaints | Source |
|---|---|---|---|---|---|---|
| Advisors Mortgage Group | A+ | 25 | 1.00/5 | 20.0% | 6 | Source |
| Atlantic Avenue Mortgage LLC | B+ | 2 | 4.94/5 | 98.8% | 2 | Source |
| American Pacific Mortgage | F | 28 | 2.00/5 | 40.0% | 13 | Source |
| Ennkar Inc. | A+ | 14 | 4.00/5 | 80.0% | 2 | Source |
| Fairway Independent Mortgage | A+ | 28 | 4.39/5 | 87.8% | 33 | Source |
| Finance of America Reverse LLC (FAR) | A+ | 21 | 1.00/5 | 20.0% | 35 | Source |
| GoodLife Home Loans | A+ | 12 | 5.0/5 | 88.6% | 0 | Source |
| Guild Mortgage Company (Formerly Cherry Creek LLC) | A+ | 64 | 1.36/5 | 27.2% | 34 | Source |
| HighTechLending Inc | A+ | 18 | 4.93/5 | 98.6% | 1 | Source |
| Liberty Home Equity Solutions Inc. | A+ | 21 | 1.00/5 | 20.0% | 2 | Source |
| Longbridge Financial LLC | A+ | 12 | 3.69/5 | 73.8% | 21 | Source |
| Mid America Mortgage Inc. | A+ | 66 | NA | NA | NA | Source |
| Moneyhouse | NR | 27 | NA | NA | 0 | Source |
| Movement Mortgage, LLC | A+ | 17 | 4.81/5 | 96.2% | 107 | Source |
| Mutual of Omaha Mortgage | A+ | 11 | 3.33/5 | 66.6% | 44 | Source |
| Open Mortgage LLC | A+ | 22 | 2.60/5 | 52.0% | 1 | Source |
| Plaza Home Mortgage Inc | A+ | 24 | 2.47/5 | 49.4% | 13 | Source |
| Smartfi Home Loans | A+ | 5 | NA | NA | 0 | Source |
| South River Mortgage, LLC | A+ | 5 | 3.22/5 | 634.4% | 13 | Source |
Latest Delaware Reverse Mortgage Statistics
| State | Homeowners Age 62+ | Reverse Mortgages Closed Last 12 Months | Lenders in Delaware | Avg. Home Value |
|---|---|---|---|---|
| Delaware | 64,000 | 85 | 11 | $382,867 |
Loan Type: HECM Standard Loans Originated in Delaware
Performance Period: Loans endorsed between January 1, 2024, and December 31, 2024
Note: Includes all HECM Standard cases within the specified endorsement period.
Delaware Reverse Mortgage Overview
Delaware, known as “The First State” due to its early ratification of the U.S. Constitution, is home to approximately 1 million residents. Many of these residents are homeowners aged 62 and older, making them eligible for a reverse mortgage to help supplement their retirement.
Delaware’s Home Values and Lending Limits
As of January 2024, the median home value in Delaware is $335,000, well below the federal maximum reverse mortgage lending limit of $1,209,750 for Home Equity Conversion Mortgages (HECM). This allows most Delaware homeowners to benefit fully from a reverse mortgage, enabling them to tap into their home’s equity while continuing to live in it.
Delaware’s History and Economy
Delaware’s rich history began with its founding in 1638 by Swedish settlers, and it became the first state to join the Union in 1787. Delaware has significant historical importance despite its small size, particularly in Wilmington, the state’s largest city. Wilmington is a hub for commerce and financial services, housing major institutions such as Chase, DuPont, and AstraZeneca.
Dover, the state capital, is known for its historical significance and the annual Dover International Speedway races, which attract visitors from across the country. The state also offers a favorable tax climate, making it a popular retirement destination for seniors.
Climate and Lifestyle
Delaware experiences all four seasons, with mild winters and warm summers. Temperatures range from an average low of 32°F in January to a high of 85°F in July. Its proximity can bring humidity and occasional coastal storms, but retirees consider the overall climate temperate and comfortable.
Reverse Mortgage Options in Delaware
Given Delaware’s median home value of $382,867, most homes fall within the HECM lending limit, making reverse mortgages an accessible option for many. For homeowners with higher-value properties, jumbo reverse mortgage programs provide additional flexibility and greater borrowing power.
Delaware Reverse Mortgage Counseling
| NO RECORDS MATCHED YOUR SELECTION CRITERIA |
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
