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'Appraisal & Property Requirements' Category Archives

AIG Reverse Mortgage Problems – Please Help!

   9 comments
I'm going through a company AIG reverse mortgage, however I was told to replace 2 wall furnaces first but I don't have the $2500.00 to get it done the company told me I'm responsible before we start the reverse mortgage, is this true? Please Help! Hi Lori, AIG would be correct in that HUD requires a permanent heat source...
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Are Reverse Mortgages Harmful to Condominium Associations?

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We have just read with interest the benefits of reverse mortgage to an applicant on your website. You also mention benefits to the Condo Associations. However, our experience as an Association in Florida has been negative.  We have recently had a problem in our condominium unit in Boca Raton, Florida, and thought with your experience you might have some...
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What are the Reverse Mortgage Maintenance Requirements?

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Frank B. has sent the following question in the ASK ARLO! blog:  How would you characterize the average reverse mortgage lender's maintenance requirements? Do they tend to be stringent, moderate, or relatively lax? I have read one account of a reverse mortgage lender requiring very burdensome maintenance requirements that the average retiree wouldn't be much concerned with...such as those necessary for...
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Appraisers Use the Sales Comparison Approach, Not Zillow.

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Here is where Appraisals are not updated and correct? Zillow and others use sales per sq ft for cookie-cutter homes. They omit custom built homes in comparable homes because of lack of construction knowledge and insurance coverage? Costs of replacement coverage and appraisals would place a 5000 sq ft total home cost at $800,000-min w/o lot? Go Figure how...
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HUD Imposes New Appraisal Review & Second Appraisal

   4 comments
HUD announced today that reverse mortgage lenders could not close loans to be insured under the HECM program unless they have the appraisal submitted and approved by FHA in advance.  Note that this does not say until HUD does something, it says that the loans cannot be closed unless HUD does something on the loan before the loan is approved...
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How the Appraisal Process, Laws & Appeals Work

   2 comments
One thing you should know if you are contemplating a reverse mortgage is that your home will have to undergo an appraisal by an FHA-approved appraiser.  This will be a very extensive appraisal in which the appraiser should inspect your entire property, should do a head and shoulders inspection of the attic (pop his/her head up and take a look...
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Reverse Mortgages and Solar Panels: What You Need to Know

   10 comments
As our homes age, it is not uncommon to invest in renovation projects that enhance our ability to age in place, especially if those upgrades help lower monthly utility bills. Installing solar panels is one effective solution to reduce your overall electricity expense, but if you’re a homeowner considering a reverse mortgage to support your retirement, there are a few...
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Can You get a Reverse Mortgage on a Log Home?

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A browser Myrddin J  has sent the following question(s) in the ask experts blog. I have a log home with no mortgage. I applied to onereverse and was told that because there aren't any other log homes sold in the area for the last six months (there are around 20 in the area but none sold) FHA would not insure...
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