It's helpful to work with reverse mortgage licensed specialists in the area because they understand the real estate environment in your state. Please fill out the form on this page to have a reverse mortgage specialist contact you. And of course, if you have any questions about applying for a reverse mortgage in Delaware, don't hesitate to contact one of our specialists at any time.The FHA insures certain reverse mortgages, also known as home equity conversion mortgage, so whichever state you may live in, you'll find licensed specialists offering reverse mortgages. Delaware is no exception. Before you contact a mortgage specialist, however, you should reflect on the reasons you are considering applying for a reverse mortgage.
Monthly PaymentsPaying your monthly bills on a fixed limited income can be difficult, particularly if you still are having to make a mortgage payment or have accrued expensive medical bills. While you're living on a limited budget, the wealth you so wisely invested in your home's equity is unused. You can access that equity through reverse mortgages. Delaware residents may qualify for either fixed or adjustable reverse mortgages, which allows them to use their home's equity. No interest payments or loan payments are paid for as long as you own and live in your home - the loan only comes due if you move, sell the property, or pass away.* You preserve ownership of the home, and must continue to make your payments on property taxes, insurance dues, and home preservation costs. When the loan comes due you (or your heirs) have the option of selling the home or, if your heirs wish to keep the property, refinancing the loan as a traditional mortgage.
Delaware - Your Family Lives There but You Don'tLet's say that your family currently resides in Delaware, however, you live elsewhere. You may have considered moving closer to them but for financial reasons you have been unable to. Thanks to reverse mortgages for purchase, we may help you make this move. Delaware dreamers who are eligible for a reverse mortgage for purchase can use the loan to purchase a home anywhere in the country. Like other reverse mortgages, a reverse mortgage for purchase doesn't come due until you sell the home, move out of the home, or pass away. One precaution though - HECMs only apply to primary residences. You can't purchase a vacation or secondary home with a reverse mortgage.
Reverse Mortgage SpecialistsPlease fill out the form on this page to have a reverse mortgage specialist contact you. One Reverse Mortgage works with several reverse mortgage licensed specialists in Delaware. One of our reverse mortgage specialists will be delighted to assist you.
*Homeowner must still maintain the property and pay homeowners insurance and property taxes to avoid foreclosure.