New Financial Standards for Reverse Mortgages

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I have applied for a reverse mortgage with Proficio. When the appraisal came in, I am $22,000.00 short. I have the funds for this amount. They say that FHA requires proof of assets. I have found a website that says there are no proof of asset requirements. I feel uncomfortable about providing this statement. IS there a requirement?

Lonnie Sutton of FL 8:38AM March 25, 2013

I rarely participate in these comments, but I really have to share my story with 1 company which has tremendously helped me. I just turned 74, many obstacles have come in the way of my retirement including a divorce a few years ago which really hurt me financially, to be honest I had this feeling that my savings and SS income were not going to be enough. Months and months of research and dealing with big banks - nothing but a big headache and they wanted to charge an arm and leg - I was considering a standard home equity loan but then I started reading about reverse mortgages. Long story short, i found this company while searching online - reverse mortgage lenders direct - they were able to automatically compare lenders for me and quote me a fantastic quote. I am not saying you need to do a reverse mortgage (for me this has been excellent and recommendable) but if you do here is their number 877 700 0534 - you can find the site online search for reverse mortgage lenders direct.

smithtony184 of NY 6:34AM May 30, 2012

MetLife has set a precedent which other lenders are bound to follow. It is important to make certain that reverse mortgage holders can afford their obligations, but it is also necessary to remember that reverse mortgages can help them do so. For more information, view:
http://www.seniorreversemortgage.com
and
http://www.seniorreversemortgage.com/frequently-asked-questions

Anne of MO 3:30PM December 01, 2011

Mortgage refinancing means re-funding the mortgage loan with better terms as well as conditions, most likely from a different lender. It is one way to save money. Search online for 123 Refinance they found me 3.1% refinance rate and also gave free analysis of my mortgage. You got to learn the secrets.

ervingeer of TX 2:17AM November 15, 2011

seniors should consider taking a reverse mortgage now while interest rates are low, house prices are relatively stable, next year we can expect tougher requirements and who knows what will happen to real estate prices
http://www.reversemortgagelendersdirect.com/reverse-mortgages-how-they-work/
http://www.reversemortgagelendersdirect.com/reverse-mortgages-pros-and-cons/

Chris of FL 2:42PM November 14, 2011