There are some difference between reverse mortgage and home equity loan. In fact, if you want to apply for home equity loan, you’ll be required to qualify based your credit history and income. Then you should make monthly repayments.
List of Banks and Credit Unions Offering Reverse Mortgages in DE
And there is no requirement of credit history, if you apply for a reverse mortgages. But you should make sure the home is your primary residence and you are at least 62 years old. Plus, you can get monthly payments. So, here are some good mortgage lenders in Delaware.
FNB Bank offers a wide variety of mortgage options including reverse mortgages through its mortgage services division called Fulton Mortgage Company.
Fulton Bank is committed to offering some different mortgages to meet the needs of its customers. Fulton Bank has offices in Wilmington, Middletown, Newark, Georgetown, Laurel, Millsboro, Dewey Beach, Lewes and Ocean View, DE. Website: www.fultonbank.com
M&T Bank offers reverse mortgage to senior homeowners over 62 that will help you convert the home equity into tax-free funds without giving up the title to the home. M&T Bank has offices in Wilmington, Newark, Dewey Beach, Dover, Bear, Milford, Millville, Dewey Beach, Georgetown, Laurel, Lewes, Millsboro, Milton, Seaford, New Castle, Ocean View, Smyrna, Bear, Claymont, Hockessin, Middletown, Bridgeville, Fenwick Island, Seaford, Selbyville, Hockessin, Camden Wyoming, Hockessin and Delaware City, DE.
WSFS Bank offers the special mortgage to senior homeowners too. You can use the loan for a new auto, a vacation or any other expenses. The bank has branches in Wilmington and Newark, DE.
American Spirit Federal Credit Union provides its members with many kinds of mortgages. And its Reverse Mortgage is a good solution that will help seniors make their retirement a little less stressful. ASFCU has branches in Newark, Dover and Middletown, DE.