DE Reverse Mortgage Companies
How Reverse Mortgages Work
A Delaware Reverse Mortgage / Loan is a home loan which provides the homeowner with cash payments based on home equity. Throughout the course of the loan, the borrower retains the Delaware property title/ownership. Typically, repayment of the loan is made when the property is sold or upon the homeowner’s death.
Delaware Reverse Mortgage Requirements
- Age requirement: Delaware borrower must be 62 or older
- HUD-approved counseling
- Income: No requirements
- Assets: No requirements
- Delaware employment: No requirements
- Credit score: No requirements
- Health: No requirements
Reverse Mortgage FAQs
Can I lose my home with a Delaware Reverse Mortgage?
The Bank can only foreclose on your Delaware home if you do not 1) pay your homeowners insurance, DE real estate taxes, any HOA fees, 2) keep the home in good repair 3) keep the Delaware home as your primary residence. You never have to make a mortgage payment.
What if I already have a Delaware mortgage?
First, your current mortgage and any other liens against the property in Delaware will be paid off. As long as you have enough equity to do this, a Reverse Mortgage would work for you.
Will a Delaware Reverse Mortgage cause me to pass debt on to my heirs?
A Reverse Mortgage in Delaware is a non-recourse loan. There is mortgage insurance, which is a Federal requirement, which will pay off the difference from the value of your home to what you owe. No one comes out of a Reverse Mortgage owing more than the value of their home. If the value of the Delaware home is greater than what is owed, the heirs inherit the additional money after the loan is paid.
Are Delaware (DE) Reverse Loans high-risk?
A number of safeguards have been built into the program, including mandatory HUD-approved counseling in Delaware, payment guarantees, capped interest rates, advanced disclosures, a three-day rescission period and a non-resource limit.
Delaware Reverse Mortgage Specialists
Apply now or contact the Delaware Reverse Mortgage experts at Home Point Financial to learn more about reverse mortgages in Wilmington, Dover, Newark, Middletown and throughout Delaware.
