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Reverse Mortgage question

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Doug Wegener

Thread Starter
Senior Member
Joined
Apr 14, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
Just for future use.

When doing reverse mortgages is the Assignment type "refinance" or do we need to mark "other " with a description?

Thanks
 

ghrousseau

Member
Joined
May 5, 2006
Professional Status
Licensed Appraiser
State
Virginia
Just for future use.

When doing reverse mortgages is the Assignment type "refinance" or do we need to mark "other " with a description?

Thanks

Doug, technically it is a refinance. The borrower stays on title and the existing deed of trust is paid off. The new reverse mortgage DOT is recorded.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
A purchase can be made using the reverse mortgage program. Otherwise, it's a refi.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I used to have a lender that wanted the phrase for reverse mortgage but now they just want it to be the same as if it were a purchase or refi.. If it is for HUD/FHA follow their protocol.
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
I check the refi box, and note in the purpose of the Appraisal that it is to be used in an FHA Insured Reverse Mortgage.
 

Mike Seward

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I check refi, then state it is for a Home Equity Conversion Mortgage (HECM).
 
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