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 vast majority of Reverse Mortgage loans are FHA "HECM" loans. These loans are safe, government insured, regulated, tax free and can only be offered by an FHA approved lender. Independent third party counseling is required by a HUD approved counselor to insure accurate information and borrower understanding of this product. It's important that you feel comfortable with the process, and that you trust the answers from your loan advisor. Knowledge is the key to comfort. Look for it from your lender.

	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

Top Reverse Mortgage Concerns

CAN THE LENDER TAKE MY HOME?

No. If you maintain your home, pay your taxes and homeowners insurance, and avoid standard conditions of default, such as bankruptcy, the lender can never take your home or force you to move.

ARE YOU SURE THERE ARE NO PAYMENTS?

Yes. There are no monthly payments required ever.

DO I HAVE TO PAY INCOME TAX ON THE MONEY I RECEIVE?

No. The proceeds from your home are not taxable. What you do with the money (i.e. investment income) may be taxable so consult with your tax advisor.

ARE THERE RESTRICTIONS ON HOW I CAN USE MY CASH PROCEEDS?

No. It's your money, use it however you like.

CAN I OWE MORE THAN MY HOUSE IS WORTH?

No. Even in the rare situation where you live to be 120 years old, you can never owe more than what your home is worth. No exceptions.

WHEN DOES A REVERSE MORTGAGE LOAN HAVE TO BE PAID BACK?

When you sell your home, move out, or when you pass away.

WILL A REVERSE MORTGAGE AFFECT MY SOCIAL SECURITY INCOME, MEDICARE OR PENSION?

No. Only borrowers that receive Medicaid and/or Supplemental Security Income (SSI) may be affected. Consult with a counselor on these issues.

Helpful Tip 2

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