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.

A senior's credit status, health, income and asset are not a consideration for loan approval. The value of the senior's home along with its condition is what is important to the lender. The home must be in good condition. If major home repairs are required they must be completed prior to loan closing or depending on the situation and the lender, costs for these repairs may be held in escrow as repairs can be performed after closing or loan settlement.

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.

A report of home value based on similar properties and property condition. The appraiser must be approved by the lender and HUD.

A pest or termite inspection inspects a property for wood destroying insects. Lenders require properties with evidence of active infestation to be treated by a pest control company before closing. Any damage sustained as a result of any infestation must be repaired if the damage is deemed structural.

Lenders required "clear" title which means there can be no impediments to providing your home as collateral for a loan. All liens or judgments must be paid, and your individual or joint ownership of the property must be clearly indicated.

	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

Loan Approval Process

Factors Affecting Loan Amount:

Value of your home - The higher the value the more you can borrow
The amount of Equity in your property
Home Location - Loan limits may vary by State and County
Borrower's Age - More income or cash is available to older seniors
Current Interest Rates - the lower the rate the higher the loan amount

Conditions for Loan Approval:

Refer to Eligibility. Credit, income, assets and health are not considered for loan approval
Satisfactory Home Appraisal by a HUD Certified Appraiser
Satisfactory Pest Inspection
Satisfactory (Clear) Title Report
Acceptable Home Property Type and Condition

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