Reverse Mortgage Solutions Mortgage Complaint

Reverse Mortgage Solutions Mortgage department,

Reverse mortgage Application, originator, mortgage broker Pennsylvania

COMPANY # 1 : - COMPLAINT : After many months of submitting required documents - documents that necessitated spending of my own limited retirement income, I received a letter that the application for reverse mortgage had been denied. REASON GIVEN : I had ( personally decided to ) cancel the application. I had NEVER cancelled the application ; particularly after spend my own money and time. Phone calls demanding clarification were never answered. COMPANY # 2 : Security 1 Lending COMPLAINT : After months of submission of required documents and after spending my own limited retirement funds bringing the property up-to-date for appraisal, I was told that my application could not go through unless I came up with $20000.00 to allow Security 1 Lending to pay my ( 1 ) property taxes and ( 2 ) home insurance for the rest of my life. I told them that I was supposed to pay for home insurance and property taxes. The answer was no. I then got a letter from the company giving the


According to FHA/HUD, the borrower is supposed to pay property taxes and home insurance, and not the bank. It also defies logic and common sense to conclude that I would not be able to come up with $5300.00 per year in property taxes and home insurance ( combined/total ) This figure has been obtained fro - - and - - officials. The total amount of mortgage payments to - is $15000.00. Money saved through reverse mortgage would have been $15000.00 - $5300.00 ( in property taxes and home incurance combine per year ) = $10000.00 ( aproximately ). The $10000.00 does not include my - retirement annuity income of $- per year, at $- per month, for life ). Documents to this effect were submitted to Security 1 Lending last year. After spending my own money in applying to to companies for reverse mortgage, only to be turned away, it 's heart breaking. I strongly suggest that pertinent information ( to determine eligibility ) should be gathered at the start of the application process so as to determine the eligibility of the applicant before the applicant waste time and money onmly to be denied after several months later. What is the use of a reverse mortgage if the applicant has to be required to spend $20000.00 in order to qualify for a reverse mortgage? :