Silverboat.com Introduces Socially Responsible Lending for Seniors at Risk in Today's Financially Turbulent Times

Reverse mortgage loans have increased ten-fold since the year 2000 as seniors experience double-digit losses in their retirement accounts, declines in home value, and increased food, health and energy costs. 'Potentially troubling,' concedes Peter Bell, President of the National Reverse Mortgage Lenders Association (NRMLA), is the wave of unscrupulous players from the largely dismantled subprime industry entering into the reverse mortgage field.

To insure safe practices, Silverboat.com has introduced 'socially responsible' lending through a unique teleconference and online 'crew meeting' that connects seniors to family, advisors and/or accountants, no matter where they are located in the world. The system integrates their opinions and involvement in the reverse mortgage evaluation and decision process for a loved one.

While HUD requires the involvement of an approved HUD counselor on all reverse mortgage loans, Silverboat.com President George Baker believes this is no substitute for family or advisor involvement. 'Reverse mortgage loans are a complex and unique mortgage product affecting senior lifestyle, healthcare, family and in-home support, and inheritance. Family and advisor involvement minimizes the risk of predatory practices or corrupt tactics.' Mr. Baker notes that the primary demographic for reverse mortgages is single women between the ages of 70 to 75.

Reverse mortgage loans are government-insured and allow senior homeowners, age 62 and above, to convert home equity into income or cash. No monthly payments are required on money distributed and there is no set repayment date. Since monthly payments are not required, there are no income and credit requirements to qualify for this government program. Generally, a home appraisal is all that is needed. Title to the home stays with a senior and can be passed on to heirs.

Silverboat.com, sponsored by Grand Bank, N.A., is an informational website dedicated to educating seniors and their families on reverse mortgage loans. All reverse mortgage loans are provided by Grand Bank, N.A., a federally charted national bank. Please contact George Baker at gbaker@silverboat.com, or call 240-403-5000 (office) or 301-651-6198 (cell) for more information. Office location is 9210 Corporate Boulevard, Suite: 140, Rockville, MD 20850.

Contact:

George Baker
240-403-5000
gbaker@silverboat.com
http://www.silverboat.com/
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Source: Silverboat.com

CONTACT: George Baker of Silverboat.com, +1-240-403-5000,
gbaker@silverboat.com

Web site: http://www.silverboat.com