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The FHA (reverse mortgage) appraisal and the conventional appraisal both use the same sales and so they are alike in that respect, but then they do differ based on the rules the appraisers have to follow and the method by which the appraisal is delivered. Appraisers must perform many more inspections for FHA/reverse mortgage appraisals than most appraisers do with a conventional loan.
A reverse mortgage is a type of mortgage loan that’s secured against a. The guidelines in this article refer to home equity conversion mortgages. such as property title insurance, home appraisal fees, and inspection fees. Reverse Mortgage Appraisal Compliance Issues.
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The Federal Housing Administration’s investigation into possible appraisal inflations on reverse mortgage loans revealed an issue the agency decided it must address. On Friday, the FHA announced.
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FHA Single Family Housing Policy Handbook IV. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages A. Acceptable Appraisal Reporting Forms and Protocols 8/27/14 1 1 IV. APPRAISER AND PROPERTY REQUIREMENTS FOR TITLE II 2 FORWARD AND REVERSE MORTGAGES
The law which went into effect earlier this month also permits lenders to charge for things like an application fee, credit report, appraisal. "In order to be insured by FHA, a reverse mortgages.
Reverse mortgage appraisal guidelines explain that, when determining the value of a home, appraisers will consider the property’s square footage, location, layout, number of bedrooms and bathrooms, quality of construction, functional appeal, and pertinent upgrades.
In the case of reverse mortgages, the borrower is already very familiar with the property and doesn’t require a home inspection. The appraisal requirements are the same, however, the FHA appraiser must report any known issues as detected during the appraisal process.