In 2024, there were 94 active reverse mortgage loans in Wicomico County, Maryland. The average home value in Wicomico County is $288,192.88.

Click here to get a reverse Mortgage Quote in Wicomico County, Maryland

To avoid scams, make sure you are working with a licensed lender in Maryland. South River Mortgage is a fully licensed lender in Maryland. The MD state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Mortgage Lender License in MD, and our state license identifier is 1854525.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in Wicomico County

Wicomico County is located in Maryland, with a population of approximately 103,609 residents. The county is known for its diverse landscapes, including rural farmlands, picturesque rivers, and bustling urban areas. Historically, Wicomico County was established in 1867 and has played a significant role in the agricultural and industrial development of Maryland. The average home value in Wicomico County is $288,192.883, with an average property tax of $1,669.090213. For seniors looking to utilize their home equity, considering a reverse mortgage can be a valuable option. With an average interest rate of 0.040223404260000005, eligible seniors can access a portion of their home’s equity to supplement their retirement income or cover unexpected expenses. Reverse mortgages can provide financial flexibility for seniors in Wicomico County who wish to age in place and maintain their quality of life.

Reverse Mortgage Loan Origination in Wicomico County

Reverse Mortgage Home Values in Wicomico County

Reverse Mortgage Interest Rates Wicomico County

There are approximately 94 active reverse mortgage loans in Wicomico County. The average interest rate in Wicomico County is 7.82% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Wicomico County was $269,285.71 in 2024.

Click here to get a Reverse Mortgage Quote in Wicomico County, Maryland »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in Wicomico County, MD

With the average home value of $269,285.71, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in Wicomico County

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in Wicomico County

You can now purchase a home with a reverse mortgage in {county}, MD. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »