Reverse Mortgage appraisals...

[robertwells]

Hello, it has been some time since I have done a standard FHA appraisal and am getting a lot of requests for FHA appraisals for reverse mortgages...any difference in appraising for a standard FHA insured mortgage versus reverse?

Thanks!

 

[RSW]

Same appraisal protocol. No difference.

 

[glenn walker]

No Difference exactly the same

 

[robertwells]

No Difference exactly the same

Thanks

 

[Tom D]

slightly different on concessions. i've forgoten where HUD had that comment. more of a cash value basis, not sure i am saying it right.

 

[RSW]

slightly different on concessions. i've forgoten where HUD had that comment. more of a cash value basis, not sure i am saying it right.

What are you talking about? There is no difference in reporting concessions for a FHA purchase, refinance, or reverse mortgage appraisal.

 

[robertwells]

Same appraisal protocol. No difference.

Thanks

 

[Dale Floyd]

The responses are technically accurate - However - If doing these types of assignments in rural areas, the underwriting process is more intense. There will be several pesky requests for additional information. Sometimes we are fielding questions from a third and fourth body up the line a month after completion. Charge adequately for them.