Silverboat - Reverse Mortgage Loans

Creating your own account allows you to store data, create a “crew list” to email data to others and if desired, to arrange a “crew meeting” over the internet and phone.

The difference between the value of your home and your current mortgage balance or balances. If your home is worth $200,000 and you have an existing mortgage balance of $50,000, your home equity amount is 150,000.

Your main residence as listed on your tax returns. Borrowers must reside in this home for more than six months out of the year.

A "Planned Unit Development" of homes.

A property where the borrower owns only the living unit, with a small ownership percentage in the common land and elements. Certain restrictions apply for borrowers with Condominiums.

Homes built in a factory after 1976, transported to a site, and then assembled on a permanent foundation. Restrictions apply.

Homes built in a factory on trailer frames, with axles, wheels, and tow-hitches.

Generally, apartment style homes in a building. The building is usually owned by a single entity such as a corporation. Owners buy shares of stock in the ownership entity, which gives them the right to occupy a unit in the building.

	What’s a Reverse Mortgage?
	Who’s Eligibile?
	Uses of Reverse Mortgage Loans
	Top Reverse Mortgage Concerns
	Saying No to a Reverse Mortgage
	Adult Children Involvement
	Loan Approval Process
	Annualized Growth Rate
	Rates, Margins, Adjustments & Caps
	Loan Payout Options
	Types of Reverse Mortgages
	Comparisons
	Loan Closing Costs
	FAQ
	How Much Can You Borrow?

Education

Who's Eligibile?

The youngest borrower must be at least 62

You must own your home and have equity

Reverse Mortgage loans are for primary residences only

Your home must be located in the United States

You must be a US citizen or Resident Alien (Green Card Holder)

Your home must be a single family dwelling, townhouse, or 1-4 unit property. A property located in an approved PUD or condominium is acceptable. Selected manufactured homes are eligible. Mobile homes and most cooperatives are not eligible.

| top

Sponsored by Grand Bank N.A.

This website has been created by and is maintained by Silverboat.com, which is solely responsible for its content. This is not an offer or a loan commitment. Nothing contained herein shall be construed as legal advice; if you have questions regarding any legal issues you should consult a qualified and licensed attorney. Silverboat.com is a registered trademark of Encore Partners 321, LLC. The Grand Bank logo is a registered trademark of Grand Bank N.A., a federally chartered Bank and equal opportunity housing lender, and is used with permission.