What is a Reverse Mortgage?

Reverse mortgages (also known as Home Equity Conversion Mortgages, abbreviated HECM) are helping older Americans across the country achieve greater financial security and enjoy their retirement years to the fullest.

The HECM FHA insured reverse mortgage can be used by senior homeowners age 62 and older to convert the equity in their home into a monthly streams of additional cash flow and/or a line of credit to be repaid when they no longer occupy the home.

To assist our senior homeowner in making an informed decision of whether this program meets their needs, everyhone is required to receive consumer education and counseling by a HUD-approved HECM counselor.

HECM counselors will discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM and provisions for the mortgage becoming due and payable. Upon the completion of HECM counseling, the homeowner should be able to make an independent, informed decision of whether this product will meet their needs. We can supply you with a list of 10 qualified counseling agencies to choose.

You can also use this handy Reverse Mortgage Calculator to the right to help you see if you qualify.

Homeowners who meet the eligibility criteria can complete a reverse mortgage application by contacting us to get the process started.

To have our reverse mortgage expert contact you either for an application or to answer any questions, please CLICK HERE!

How do I know if I Qualify?

  • You must be Age 62 years of age or older
  • Own your property
  • Occupy your property as primary residence
  • Participation in a consumer information session given by an approved HECM counselor

Mortgage Amount Based On:

  • Age of the youngest owner/borrower
  • Current interest rates
  • Lesser of appraised value or the FHA insurance limit

Financial Requirements:

  • There are No income or credit qualifications are required of the borrower
  • There is No repayment as long as the property is the primary residence
  • Most all Closing costs may be financed into the mortgage

Property Requirements:

  • Your home must be a single family home or 1-4 unit home with one unit occupied by the borrower
  • HUD/FHA – approved condominiums
  • Manufactured homes, built after January 1976; fee simple
  • Meet FHA property standards and flood requirements

We can Help!
Often there are many questions and many considerations before moving forward with a reverse mortgage. Our family expert has is a nationally known expert in the senior HECM reverse mortgages.

Give us a call at (302) 266-9500, by email at support@delawarefinancial.com or simply fill out the online form at the top of this page to have Sam contact you.

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