Reverse Mortgage

[Dianna Fresno]

I have been asked to appraise a property for a reverse mortgage. Is there a special form that I need? Do I appraise it as I would for a regular refinance? Thanks in advance for your help.

 

[Thomas Fiehler]

As long as you are FHA approved, treat it as any FHA appraisal. Depending on the SOW language you use, you might need to tweak it a bit.

 

[Dianna Fresno]

Will I need a case number?

 

[Mike Kennedy]

http://appraisersforum.com/showthread.php?t=140057&highlight=Reverse+Mortgage

 

[Mike Kennedy]

http://www.valuationreview.com/ME2/...3&tier=3&nid=7EF571B595904ADCA1F229CADFA04D2F

 

[Mike Boyd]

Will I need a case number?

Yes, AND, I generally requirement the assignment sheet that the lender gets when the case number is assigned. That is for regular FHA work and reverse mortgage work. No difference. The LENDER may allow a hold-back on deferred maintenance until the loan is funded. After all, that is one of the justifications for reverse mortgages.

 

[Kevin Mc]

Dianna, is it a FHA Reverse Mortgage or just a reverse mortgage? Not all reverse mortgage products are FHA.