Reverse Mortgages

[freshman]

Was contacted to do a Reverse Mortgage Appraisal.
Is a 1004, a 1004, is a 1004; or is it a different type of appraisal?
Thoughts, help, bullets....

thanks

 

[Chris Colston]

Are you FHA approved? You will understand by some more responses why I moved this to the FHA section. As a Trainee, you can not do the appraisal if it is going to be an FHA reverse. If it is an FHA reverse, it will need a case # same as any other FHA assignment.

 

[Howard Weeks]

EXACTLY the same as regular FHA appraisal. The reverse part doesn't effect you in any way.

 

[freshman]

Apparently my BIO is incorrect. I am not a trainee nor am I from Illinois. ( I'm pretty sure I did not enter that description when registering)

I am CR and on the FHA approved list. I am familiar with FHA appraisals, so Howard and Chris, thank you very much for your direction.

Cary, thank you as well, but read # 3 under the Competency rule.

Acquiring the knowledge to become competent comes in many forms, including but not limited to, education, self study, co-appraising and yes, general discussion with other appraisers who are familiar with the type of appraisal in question.

I would not base my competency only on general discussions, but it is an avenue to educate oneself for a starting point.

 

[WMOORES]

I thought all reverse motgages were FHA. Have done a bunch, theres a good market for them in my area. You know what they say in FL, when one is old enough to retire they live on the east coast and their parents live on the west coast.

 

[Mr Rex]

Most reverse mortgages are FHA, but not all are.

 

[Mike Boyd]

With a reverse mortgage appraisal the client will want an accurate description of any deficiencies and/or needed repairs. And, yes, most reverse mortgages are FHA....but not all. If it is an FHA you need to conform to FHA guidelines and it must have a case number.

 

[Debra]

Thanks Howard-I just got an order for Reverse FHA...