contract was signed

Once the contract was signed, we applied for the reverse mortgage. We were continuously assured that we were qualified and that the mortgage was virtually “in the bag”. Then, two days before the closing date, we were told that because my wife was still working in San Jose, that she couldn’t meet the occupancy requirements specified in the underwriting regulations. In other words, she had to retire and we could have the mortgage approved, but that wasn’t something she could do just yet. She had worked for Toshiba for 24 years and 10 months, and she could not quit until she reached the 25 year mark.