After almost three full months of working with the Five-Star-Rated "All Reverse Mortgage Company" and despite having impeccable credit, substantial assets, a nice government pension, ongoing earned income and a contract on a property the inspector said was "like new" and worth quite a bit more than we are paying for it, guess what? With our closing date exactly three weeks from today we still don't know if we have actually secured this reverse mortgage! Oh and did I mention we have jumped through every hoop, responded immediately to every request, moved the closing date (because the lender's software provider will not update the current LIBOR rates in their system until 13 hours after they are released) and disclosed all personal information except for bodily functions?
Yesterday we were asked to sign a form so the IRS can send our tax forms "within 48 hours". I guess the 50 pages of tax returns I already sent were not good enough. We also were asked for current payroll stubs. When I asked the simple question "do we have this reverse mortgage?" the answer I got was "yes, except for...."
How do I feel? Mad, Upset, Frustrated and believe-it-or-not Bullied. I was reduced to tears yesterday as I tried to fax even more forms in order to satisfy the almighty "underwriter" and the mythical "investor" and the omnipotent "HUD" (who I secretly believe would grant reverse mortgages to dead people).
I called the closing agent here in The Villages and asked how hard it would be to change our purchase to an all-cash transaction, even at this late date. She assured me it could easily be done. Thank God we have the means to do that if necessary.
:-/
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