Silverboat.com, sponsored by Grand Bank NA, has introduced ‘socially responsible’ lending through a unique teleconference and online crew meeting that connects seniors to family, advisors and accountants.
The system integrates their opinions and involvement in the reverse mortgage evaluation and decision process for a loved one, the company explains. While the Department of Housing and Urban Development (HUD) requires the involvement of an approved HUD counselor on all reverse mortgage loans, George Baker, Silverboat.com president, 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, in-home support and inheritance,’ Baker says. ‘Family and advisor involvement minimizes the risk of predatory practices or corrupt tactics.’