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Reverse Mortgage

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jcoffey

Thread Starter
Freshman Member
Joined
May 8, 2008
Professional Status
Certified Residential Appraiser
State
Missouri
Is the URAR 1004 used for this? Is there anything different in the valuation process for a reverse mortgage than a regular mortgage?
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Unless you have special instructions from your client, treat is just like you would a typical mortgage appraisal.
 

jcoffey

Thread Starter
Freshman Member
Joined
May 8, 2008
Professional Status
Certified Residential Appraiser
State
Missouri
Thanks. I thought there was no difference, just wanted to check it.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Most reverse mortgages (not all) are FHA insured, so its an FHA appraisal if thats the case.
 
Joined
Jul 13, 2005
Professional Status
Certified Residential Appraiser
State
California
Deferred maintenance

About 20% of the houses I do reverse mtg appraisals on have maintenance or repair issues. Very common for people in a house for a long time not to notice needed repairs, or else they don't have the $$ to do the repairs; hence the reverse mtg. Because FHA and lenders with their own reverse mtg products want to make sure of the property condition, and many won't lend until the problems are corrected, I include photos of peeling paint, termite damage etc, and let the underwriter make the call on repairs. Also, many times the only chunk of $$ these folks will have to do repairs are in the reverse mtg proceeds, and so the lender wants to make sure these things are taken care of at the beginning, since Borrowers are unlikely to have the extra cash at a later date.
 

TITAN1

Sophomore Member
Joined
Jan 2, 2008
Professional Status
Certified Residential Appraiser
State
Florida
Scope of work! More than likely it is an FHA insured reverse mortgage. If thats the case the inspection can not be done prior to the borrowers counceling apointment. You will need an FHA case number ( preferably a copy faxed to you of the FHA assigned order with your name on it) and proceed as a normal FHA assignment.
 
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