Thinking of a Reverse Mortgage Appraiser
A reverse mortgage appraisal is mandatory for a reverse mortgage loan
. The reverse mortgage appraisers role is to actually establish the value of your home which in turn will directly impact on whether you have the equity in your home to obtain your reverse mortgage. The appraiser will need to be able to inspect your home, at a mutually convenient time, as they will need to look inside your home.
The appraiser will be comparing your home to similar homes within your local area. Your local area can be defined by the suburb you live in or a measurement in miles from your home. A very often objective measure is what has been the sale prices of similar houses in your local area. This means that you are very dependent on the health of the housing market in your area, particularly in the recent past since your appraisal will be impacted on the recent home sales figures. The reverse mortgage appraisers also have an association where you can check who is good, or not good. This association is called the National Reverse Mortgage Appraisers Association (NRMAA). In addition this association has plenty of helpful resources and materials that can help you in obtaining a reverse mortgage, including a code of ethics that appraisers need to abide to. The association has a web site where the code of ethics can be referenced, they also have a search facility for you to find an appraiser in your local area. Finding a reputable appraiser is very important for you as you need the appraisal to be honest otherwise if it is over stated you could find yourself in financial difficulties if you borrow too much.
You need to prepare your home, as it is going to be quite an inspection. It is very important that you put your best foot forward, as the outcome of the inspection can impact on you loan application. This means have a very good cleanup of your home and your yard. If your home is looking a bit run down, put off applying for the loan and hence a visit from an appraiser and get the place fixed up. This is very possible if you have planned out that you need a reverse mortgage loan in advance and you have recognised what steps you need to undertake to give yourself the very best chance of success. You should be preparing your home as if you were selling it, which in fact you are to the appraiser. Cleanup the yard to give it that manicured and planned look to it, remember it's the yard the appraiser sees first. Ensure the outside of the house looks well maintained, any update with paint is a quick way you improve the look of your home. The same applies to the inside of the house, cleanup those walls from the various marks they accumulate over the years and lookup at the ceiling, is it in good condition. Ensure that the house is not cluttered as this can make a house seem very small.
Thinking of a Reverse Mortgage Appraiser
By: Tom Peters
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