Saturday, March 10, 2012 - Article by: Premier Mortgage Consultants -
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 https://secure.ssa.gov/apps6z/BEVE/main.html 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 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.
Didn't find the answer you wanted? Ask one of your own.