One of the largest growing appraisal assignments that are being searched for and or requested are FHA Reverse Mortgages. A growing number of baby boomers are retiring, some are turning to their homes to provide additional income. Many have lived in their homes for years and have equity that could help with their expenses.
Since the value of your home is a factor in determining how much money you can get from a reverse mortgage, an appraisal is required. Reverse Mortgages need an appraisal.
If this is an area of interest, be sure to check for further details. There are vast amounts of information on this subject.
Beyond the scope of an appraisal many questions that are asked include but are not limited to:
With a reverse mortgage will I lose my house?
Is a reverse mortgage a course of last resort?
What if I have a low credit score, will I qualify?
What if the market value crashes will I owe more than the value of my home?
Who is eligible for a reverse mortgage?
How much money could I expect to get?
What about upfront and closing cost fees?
Are there different payment options?
The above are just examples of the types of questions some ask. Being an area of growing interest, it is worth mentioning.
Bookmark this site
Bookmark this page