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'Appraisal & Property Requirements' Category Archives

AIG Reverse Mortgage Problems, Please Help!

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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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How the Appraisal Process, Laws & Appeals Work

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 Mortgage Appraisal Tips: Laws & Requirements

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Question from our reader: Can you influence the appraiser to give a higher appraised value? Hi Bruce, This is one that I would tell you absolutely NO!  It is against the law to try to influence an appraiser to raise a value.  This is not to say that if you feel that an appraiser has given you...
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Reverse Mortgages and Solar Panels: What You Need to Know

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...
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What are the Reverse Mortgage Property Requirements?

I would like to know the exact requirements re:such things 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 Hi...
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Reverse Mortgage Appraisal Problems? Ask The Expert Series

About 6 years ago we had our home appraised for refinancing and it came in at over 210K.  As seniors with no children we decided a reverse mortgage would be a wonderful solution to our money issues and I went on www.homes.com, entered our zip code and zoomed to our block which consists of 6 duplex houses.  According to the...
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