Reverse Mortgage Question

[RSW]

I assume that this is an FHA reverse mortgage. Right out of the handbook

Bedrooms
The Appraiser must not identify a room as a bedroom that cannot accommodate ingress or egress in the event of an emergency, regardless of location above or below grade.

The OP did not identify it as a bedroom but most likely showed a photo of this room with a bed in it. So the lender, who is free to even go beyond FHA guidelines if they want, will have the borrower remove the bed.

I have taken many, many photos of rooms with bedrooms in them and not labeled them as a bedroom before. I have never had a Lender require a bed be removed. I believe that is way out of bounds for a Lender to even suggest. They cannot tell someone what they can have in their home. That's just nuts.

 

[Terrel L. Shields]

will have the borrower remove the bed.

and, move it back in 15 minutes after you leave...

 

[James Micozzi]

and, move it back in 15 minutes after you leave...

Yes the will. LOL

 

[KHS445]

1. Tell client not adequate ingress/egress.
2. Wait for and accept 1004D request from client, charging your normal fee and if possible some sort of PITA increase.
3. Call the homeowner and explain the situation and ask them to remove the bed. Frankly I would probably offer to help them remove it, then take the picture and help them move it back.
4. Submit 1004D.
5. Enjoy probably the easiest fee you have ever earned.

 

[miktay]

Let them rearrange their furniture, charge $100 - $150 for a 1004d, then go enjoy an nice dinner out.

 

[jtinmichigan]

Let them order a 1004 D form with bed to be removed and THEN call borrower and explain it.

If the lender wants a bed removed, let them explain it to the borrower. I am happy to do an inspection for whatever reason but I am certainly not going to be the one telling a borrower to do something this stupid. Revise the report. Call the room storage. There is a bed in storage.

 

[J Grant]

If the lender wants a bed removed, let them explain it to the borrower. I am happy to do an inspection for whatever reason but I am certainly not going to be the one telling a borrower to do something this stupid. Revise the report. Call the room storage. There is a bed in storage.

One would assume a lender would tell the borrower why appraiser is coming out and what needs to be done (remove the bed ) The lender likely thinks it's stupid too but has to get loan sold to FHA. When borrowers apply for a mortgage, they agree to do certain things, not the end or the world to move a bed in exchange for a reverse mortgage that will pay off remainder of lifetime.

That said, since each example is a learning experience, the OP contributed (not meaning to ), this problem by calling this area a flex room. I understand finished basements can have kitchen or bath room etc...but then one would hope those rooms conform to accepted standard. Others here questioned what a flex room is. To me it means bonus room or multi purpose room. But to an UW seeing a bed in it, they might think it means flex bedroom. So in future, don't label it. An owner can use or furnish it as they wish, but it's just drywall partitions if there is no window or egress. Explaining a bed is in photo but the area is not considered a bedroom. would have avoided this mess.

 

[Dublin ohio]

But to an UW seeing a bed in it, it looks like a bedroom

My bold. Fixed it for you.

So in future, don't label it

Then wait for the stip to label the photo

 

[J Grant]

1. Tell client not adequate ingress/egress.
2. Wait for and accept 1004D request from client, charging your normal fee and if possible some sort of PITA increase.
3. Call the homeowner and explain the situation and ask them to remove the bed. Frankly I would probably offer to help them remove it, then take the picture and help them move it back.
4. Submit 1004D.
5. Enjoy probably the easiest fee you have ever earned.

No.., Never get so involved with a homeowner. Realize in a nano second they will turn your good deed against you. you are helping them move the bed, it drops on their foot...LAWSUIT against you and the lender, since the lender sent you out. Or, they may call the lender and complain " He made me move the bed, now my back hurts. " Lender will drop you from the panel. We never know how these homeowners will react o. Even worse, helping them move the bed back in? collusion to sneak around the reason for the 1004d they can complain/ report that to the lender too, if loan is delayed or whatever..we never know how these people think or can predict what they will do

They want the loan, lender asks them to remove bed, let them take care of it, Call in advance, make sure bed is moved out, go there, take a photo of the room, leave.