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'Appraisal & Property Requirements' Category Archives

What to Expect from the Reverse Mortgage Appraisal Process

    39 comments
Getting a home appraisal is an integral part of the reverse mortgage process.  Here's what you need to know to manage your expectations about getting your home appraised as part of this loan to help you age in place. It's a multi-step process, but you can prepare in advance to make it as smooth as possible. Typically, there will be...
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Appraisers Use the Sales Comparison Approach (Not Zillow etc.)

    2 comments
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 you...
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How Reverse Mortgage Appraisal Laws & Appeals Work

    6 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, do a head and shoulders inspection of the attic (pop their head up and look around), measure the...
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What to Do If Your Home Suffers Fire Damage with a Reverse Mortgage

    22 comments
UPDATE: FHA Extends Foreclosure Protections to Maui Borrowers The Federal Housing Administration extended its existing disaster-related foreclosure moratorium in Maui County, HI, through May 6, 2024, for borrowers with FHA-insured single-family mortgages, including HECMs.  This extension provides additional time for borrowers recovering from the catastrophic Maui wildfires to consult with mortgage servicers and housing counselors and access federal, state, and local housing...
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Reverse Mortgage Property Requirements (Updated 2024)

    116 comments
I would like to know the exact reverse mortgage property requirements, such as central heating, water wells, septic systems, etc.  To hear these reverse mortgages advertised, one might get the impression that getting one is very simple.  However, after some preliminary inquiries, it's beginning to look like everything else where the government is involved – it can become incredibly complicated....
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AIG Reverse Mortgage Problems – Please Help!

    21 comments
I'm going through a company called AIG Reverse Mortgage.  However, I was told to replace 2 wall furnaces first, but I don't have the $2,500.00 to get it done.  The company told me I was responsible before we started the reverse mortgage.  Is this true?  Please Help! AIG would be correct in that HUD requires a permanent heat source in...
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Shocking Truth About Condominiums and Reverse Mortgages

    78 comments
Many senior borrowers eligible for reverse mortgages or about to become qualified and live in condominium projects have yet to learn of the surprises that may be waiting for them.  You may know neighbors who live in your project, currently have reverse mortgage financing, and have heard about how easy it was. Unfortunately, changes in condominiums and HUD programs in...
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Reverse Mortgage Manufactured Home Requirements (2024)

    60 comments
If you're the owner of a manufactured home and you're wondering about your eligibility for a reverse mortgage, here's the short answer: you may be eligible.  Now for the longer answer. As with any prospective borrower, you must be 62 or older, legally own the home, be your primary residence, and be eligible for participation in Federal Housing Administration programs....
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HUD to Require Second Appraisal on Some Reverse Mortgages

    15 comments
HUD announced today that reverse mortgage lenders could not close loans to be insured under the HECM program unless they have the reverse mortgage 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 it is...
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How to Use a Reverse Mortgage Repair Set-Aside

    10 comments
Hello ARLO, My mom's house is in Martinsville, IN. During a healthy economy, the house was worth around $200,000. It requires some repair. Who pays for the appraisal to determine the home value? And, are there arrangements where if repairs are required as a condition of the loan approval, can proceeds from the loan be placed towards the repair? In...
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