<p>My parents, who don’t have a pot to pee in, applied for a reverse mortgage a few months ago. The house was assessed and the application process seemed to be going smoothly. But now they’ve received a letter saying they must first complete some home repairs, eg. painting, before being approved. If they had the money to do those repairs, they wouldn’t need the reverse mortage, and in fact that was one reason they applied for it. Do you think there is any room for negotiating with the lenders about this?</p>
<p>I doubt it. Lenders are being especially nitpicky right now. A broker I know well was just telling me yesterday how incredibly difficult it is right now to get anything through–for every hurdle one jumps, it seems as if a dozen more follow.</p>
<p>Go directly to lender or direct representative of lenders. Many primary lenders are not using brokers as a way to get more loans.</p>