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'Appraisal & Property Requirements' Category Archives

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

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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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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

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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

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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?

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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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