MortgageReverse

Inside Look: Lender Conditions from the Consumer Perspective

NewImage.jpgOver at Time Goes By, Ronni Bennett continues to document her reverse mortgage experience with her latest article about lenders closing conditions.

Her series of articles has provided interesting insight into the reverse mortgage process and what consumers are thinking.

While Bennett has been approved for the loan, she still has conditions from the lender she need to meet, no surprise there.  “A couple that are, to me, arbitrarily niggling; others are just how banks spend their time; and one that is flat out unreasonable,” she writes.

Just a few of the conditions she needs to clear are:

  • Certified closing statement from the sale of my Maine property. In other words, they want to know where I got the money to buy my new home. My copy won’t do; it must be sent from the title company.
  • Certified closing statement from the purchase of my Oregon property. I have no quibble with this one.
  • Proof of residence in the Oregon apartment. I assume this means they suspect I’m lying about living here. They wanted the three most recent utility bills: fine.

Reverse Mortgage Part 7: Lender Conditions

 

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