Hello ARLO, I've had an FHA reverse mortgage, sold the house, and paid off the loan. I bought another home and was in the process of getting another reverse mortgage. Midway through the loan process, the appraiser alerted the lender (before appraising the house) that my home was next to an Ameren substation with power lines above it. I live in a small town. I was unaware this would be an issue since the substation is fenced and sits 30 feet above the fence line. The appraiser said there was no point in doing the appraisal. I was turned down! I had already paid for the certification and everything. Would a non-FHA reverse mortgage be an option? I currently have a conventional loan on the home.
Karen J. on 02.17.2020
 |
Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLO™, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040) |
 |
All Reverse Mortgage's editing process includes rigorous fact-checking led by industry experts to ensure all content is accurate and current. This article has been reviewed, edited, and fact-checked by Cliff Auerswald, President and co-creator of ARLO™. (License: NMLS# 14041) |