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. On the final appraisal, you will see all of the data used in determining the value of your home.
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The counseling addresses the lending process, benefits, drawbacks and eligibility requirements involved in a reverse mortgage. This fee cannot be rolled into your loan and must be paid directly to the.
There are requirements for an FHA-insured reverse mortgage or HECM; The loan is based on the age of the youngest borrower if there are co-signers. Homeowners are required to get consumer counseling and education before a HECM loan is approved. Borrowers must own and live on the property as the primary residence.
Unlike conventional home equity mortgages, the borrower is not required to make any repayments on a reverse mortgage as long as the borrower uses the house as the principal residence. Repayment of the reverse mortgage is made when the house is sold.
Generally, appraisals for Reverse Mortgages are valid for 4 months from the date of the appraisal until the date the loan closes. If there are foreclosures or short sales in my neighborhood, will they affect the value of my home?
A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage that allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage. Real estate professionals who are interested in learning more about HECM for Purchase can download free resources from NRMLAonline.org
YOU HAVE GONE THROUGH COUNSELING, carefully weighed your options and decided that a reverse mortgage is the right solution for you. Now your lender can begin the application and order the appraisal. I have been appraising residential properties in the Washington, D.C. metro area for 25 years. My job is to assign a dollar value to your home.
And if you have sufficient income from other sources, you can even keep your current home as an investment and still be eligible for the reverse mortgage. There are a few requirements. as it does.