Reverse Mortgage Appraisal – Find Out About The Appraisal Process
Reverse Mortgage Appraisal
One of the most important qualifying tools for a reverse mortgage is the reverse mortgage appraisal. Once the appraisal is completed your value will be set for your reverse mortgage. This will not only indicate what your starting loan balance will be, but also how much money you will qualify to receive.
Reverse Mortgage Appraisal Process
FHA requires that a loan application be completed along with the required counseling BEFORE an appraisal can be ordered. The appraisal is ordered through a third-party Appraisal Management Company(AMC). With the new Appraisal Independence Requirements(AIR) the government no longer allows mortgage companies to order their own appraisals directly with an appraiser. Once the appraisal has been ordered with the AMC an appraiser will contact you usually within 24-48 hours to schedule an appointment. The reverse mortgage appraisal can take up to 45 minutes or an hour. After the appraiser comes to your home it usually takes about 3-5 days for the appraiser to complete and submit.
Reverse Mortgage Appraiser
All reverse mortgage appraisers are FHA approved. Not all appraisers have this credential. FHA requires appraisers to check and take pictures of things that a standard appraisal might not need. For instance, in California an FHA appraiser will need to take pictures of the water heater to ensure that it is properly strapped, a carbon monoxide detector and smoke detectors.
Reverse Mortgage Appraisal is Complete
Now that the reverse mortgage appraisal is complete we can update the reverse mortgage loan figures and re-disclose what you will receive with a reverse mortgage.
Hope this helps answer some of the questions you may have about the reverse mortgage appraisal process. If not, then please make sure to comment below and I will respond shortly.
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Good Day Reverse, Inc is licensed or registered to engage in reverse mortgage loan origination activities in the state of California
August 14, 2018
July 24, 2018