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Premier Mortgage Consultants

Proof Of Social Security Income

Saturday, March 10, 2012 - Article by: Premier Mortgage Consultants - Message

Proof of Social Security Income

If you need proof that your borrower is receiving income and/or services from Social Security, the borrower can request a "Proof of Income" letter at web site. This is sometimes called a "benefits letter," or a "proof of award letter."
What is a Proof of Income Letter?
o the letter can be used as proof of your:
o income when you apply for a loan or mortgage;
o income for assisted housing or other state or local benefits;
o current Medicare health insurance coverage;
o retirement status;
o disability; and/or
o age.
o The borrower can select the information they would like on it.
What You Should Know
o The Proof of Income letter will arrive in the mail in about 10 days.
o It will be mailed to the address on file for the borrower at the Social Security office.
o If you need proof sooner, contact your local Social Security Office.
o The borrower is the only one who can request a letter for themselves. Family members must request their own letters.
o For security reasons, there is a 30 minute time limit to complete each page. You will be given notice when you are about to time out and can get more time to finish.
o You can read more about Social Security's Internet policy here.
If the borrower has moved recently
o If the borrower has moved and has not reported this to the Social Security Office, they will need to report this change to them before they can process the request.

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