FHA question:

[Durano Joe]

Does every reverse FHA mortgage require a home inspection?

 

[Mr Rex]

No FHA mortgage requires a Home Inspection.

 

[tjcou812]

appraisers are the home inspectors for FHA/HUD loans.

 

[Mike Garrett RAA]

appraisers are the home inspectors for FHA/HUD loans.

There is something terribly wrong with that statement.

 

[TJSum]

appraisers are the home inspectors for FHA/HUD loans.

No, no, no, no, no...........

 

[Mark to market]

Handbook No.: 4150.2, CHG-1, Issued July 1999

B-2 SECTION 255: HOME EQUITY CONVERSION MORTGAGES (REVERSE
MORTGAGES)
A Reverse Mortgage allows a borrower aged 62 and older to
borrow against the equity in a property that has limited
outstanding debt. A subject property under this program
must be a one- to four-unit dwelling in which the mortgagor
occupies one of the units. The appraiser must perform the
appraisal with the same standards and forms expected in an
FHA single-family appraisal. It may be a unit in an
approved condominium or Planned Unit Development (PUD).
Manufactured homes are eligible if the home complies with
outstanding FHA guidance. The same deficiencies and repair
items must be noted on the URAR forms. In certain
instances, the borrower is not required to treat any
defective paint surfaces after closing for properties built
before 1978.