HECM - Reverse Mortgage Appraisal
A reverse mortgage is very unique, and the HECM appraisal process that must be done to approve these mortgages is very in depth. A certified and reputable appraiser will work to get the most accurate estimate possible for your home.
It is imperative to get an FHA certified appraiser who has experience dealing with HECM appraisals. The requirements are very stringent and even a small hint of negligence on the part of an appraiser could be the thin line between the approval or denial of your motion to reverse your mortgage.
Reverse mortgages are unique in that they allow you to have the equity of your home directly returned to you, which can be a huge help. An inexperienced FHA appraiser could very easily ruin your chances to have the mortgage on your home reversed just by making even one simple mistake. This is a chance not many homeowners want to take, and you likely do not want to either.
You may be sure that your home meets the federally regulated HUD requirements, but your mortgage lender does not. As an experienced FHA certified appraiser, it is my duty to throughly inspect your home and give it the most accurate appraisal possible so that you can be properly given what is due to you. I understand what one small mistake can do to your chances for approval.
Having an experienced appraiser who knows that the thin line between approval and denial in your reverse mortgage process rests in his or her hands is essential. An appraiser who does not know this is more likely to unwittingy edge you towards a denial of the money you deserve instead of the direction that you would like to be going.