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How Appraisal Independence, 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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What to Expect from the Reverse Mortgage Appraisal Process

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Getting a home appraisal is an important part of the reverse mortgage process. Here’s what you need to know so that you can 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,...
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How to Use a Reverse Mortgage Repair Set-Aside

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Hello All Reverse, 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...
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Reverse Mortgage Appraisal Disputes and Rebuttals

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Question from our reader... Here is what has happened to me regarding the appraisal. Applied on May 1, credit report/income/assets fine, credit score of 800, appraiser came on May 8, loan officer was calling me on May 15 to say appraisal came in at same figure we estimated, everything is looking good, as soon as underwriting approves it, we can...
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What Happens to my Reverse Mortgage if Home Burns Down?

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I live in California, have a reverse mortgage and would like to know what happens if my home were to burn down in a fire? Do my monthly payments or line of credit continue if I must rebuild? If my insurance will not cover my loss does the loan become due? Insurance coverage works the same on a reverse...
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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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Here are the Property Requirements for a Reverse Mortgage

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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 ...
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Reverse Mortgage Requirements for Manufactured Home

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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 aged 62 or older, you must legally own the home, it must be your primary residence, and you must be eligible...
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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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