![]() I'll keep my eyes open, but I still have not come across any legislative information regarding the fact that a lender has to pay for the second appraisal if required (and again, not to say that it does not exist). HUD has rules against borrowers paying for more than one appraisal, but the jumbo reverse mortgage is not a HUD/FHA-insured loan. There are also references from the Consumer Financial Protection Bureau for the Truth in Lending Act that in a "Flip Transaction" the lender must pay for any second appraisal requirements but it even specifically excludes reverse mortgages among others and a typical jumbo reverse mortgage is also not on a flip transaction. Appraiser Independence Rules say nothing I can locate about the requirement or the restriction of the payment of the charges though. Lenders may not "value-shop" in an effort to obtain lower values but may require two appraisals for certain properties with established guidelines and procedures such as jumbo loans under appraiser independence rules. Once the appraisal is in hand, the lender can determine the amount you will be eligible to receive from your reverse mortgage loan.Īs a follow up to this question, I have found several references for when second appraisals may be ordered and when they may not. On the final appraisal, you will see all of the data used in determining the value of your home. After tallying comparable sales and the complete picture of your home, the appraiser will deliver his or her appraisal to you and to your reverse mortgage lender. The research. Armed with photos and notes on your home, the appraiser will then conduct his or her own research to determine comparable home sales in your area.He or she will focus on any areas that may be in need of repair, as well as specific features of the home that could contribute to-or take away from-its value. The inspection. During the inspection, the appraiser will walk through the home with you and will take any necessary photos as part of the research process. ![]() It’s a multi-step process, but you can prepare in advance to make it as smooth as possible. Here’s what you need to know so that you can manage your expectations about getting your home appraised as part of this loan to help you age in place. Getting a home appraisal is an important part of the reverse mortgage process.
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