In 2024, there were 396 active reverse mortgage loans in Sussex County, Delaware. The average home value in Sussex County is $487,042.32.

Click here to get a reverse Mortgage Quote in Sussex 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 Sussex County

Sussex County, Delaware is located in the southern part of the state and is known for its picturesque coastal areas and charming small towns. While the population of Sussex County is not provided, the county is renowned for its beautiful beaches, such as Rehoboth Beach and Bethany Beach, making it a popular destination for tourists and retirees alike. The area also boasts a rich history, with landmarks such as the Cape Henlopen Lighthouse and the historic town of Lewes. The average home value in Sussex County is $487,042.32, with an average property tax of $915.75 and an average interest rate of 4.08%. For seniors looking to tap into their home equity, a reverse mortgage could be a useful financial tool. Reverse mortgages allow homeowners aged 62 and older to convert a portion of their home’s equity into cash, providing financial flexibility and security in retirement. As Sussex County offers a desirable location for retirees, exploring the option of a reverse mortgage could be a strategic financial move for seniors looking to enhance their retirement years.

Reverse Mortgage Loan Origination in Sussex County

Reverse Mortgage Home Values in Sussex County

Reverse Mortgage Interest Rates Sussex County

There are approximately 396 active reverse mortgage loans in Sussex County. The average interest rate in Sussex County is 7.15% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Sussex County was $447,195.12 in 2024.

Click here to get a Reverse Mortgage Quote in Sussex 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 Sussex County, DE

With the average home value of $447,195.12, 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 Sussex 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 Sussex 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 »