In 2024, there were 461 active reverse mortgage loans in New Castle County, Delaware. The average home value in New Castle County is $389,063.00.

Click here to get a reverse Mortgage Quote in New Castle County, Delaware

To avoid scams, make sure you are working with a licensed lender in Delaware. South River Mortgage is a fully licensed lender in Delaware. The DE state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Lender License in DE, and our state license identifier is 36678.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in New Castle County

New Castle County, located in the state of Delaware, is the most populous county in the state. With a population of over 560,000 residents, the county offers a diverse and thriving community. Known for its rich history, New Castle County is home to significant historic landmarks such as the historic Old New Castle, a well-preserved colonial town, and the Brandywine Valley, known for its beautiful gardens and estates. The average home value in New Castle County is $389,063.0022 with an average property tax of $2,059.165664. Seniors in New Castle County may find reverse mortgages to be a useful financial tool, allowing them to tap into their home equity to supplement their retirement income. With an average interest rate of 0.04251995661999999, seniors can explore the option of a reverse mortgage to access funds while remaining in their homes. Considering the historical significance and cultural attractions of New Castle County, seniors can enjoy their retirement years in a vibrant and engaging community.

Reverse Mortgage Loan Origination in New Castle County

Reverse Mortgage Home Values in New Castle County

Reverse Mortgage Interest Rates New Castle County

There are approximately 461 active reverse mortgage loans in New Castle County. The average interest rate in New Castle County is 7.56% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in New Castle County was $374,803.92 in 2024.

Click here to get a Reverse Mortgage Quote in New Castle County, Delaware »

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 New Castle County, DE

With the average home value of $374,803.92, 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 New Castle 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 New Castle County

You can now purchase a home with a reverse mortgage in {county}, DE. 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 »