If you need an FHA Reverse Mortgage real estate appraiser in the New York and Pennsylvania for a refinance, we can help you. Jeffrey Scott Jacobs is a State Certified private residential appraiser and is on the FHA/HUD approved appraiser roster.
Reverse Mortgage Appraisal
The largest increase in mortgage appraisal assignments we are seeing is in the FHA Reverse Mortgage request category.
The amount of baby boomers retiring and turning to their homes to provide them with additional income is increasing dramatically. Having lived in their homes for many years, they usually have a wealth of equity available to them that could help with their life expenses such as household improvements, retirement homes, vacations or even to help out other family members.
With these types of loans the home is required to meet HUD/FHA’s minimum property standards.
When some one has lived in a home for a long period of time there is usually bound to be some items that need some repair or maintenance and it is the FHA appraiser’s duty to disclose noted items. This means that deferred maintenance and health and safety items will have to be remedied in order for the property to qualify for FHA mortgage lending.
Examples of this deferred maintenance is that some that were built before 1978 can not have flaking or peeling painted surfaces due to the possibility that lead based paint hazards may be present, evidence of structural damage or termite infestation would need to be disclosed, as well. Other items in the household like the effective age of the home, necessary repairs such as broken seals on windows or windows them selves, water damage, drainage problems and anything that would effect the livability of the home must be disclosed.
The beauty of the program is that the reverse mortgage allows for any needed repairs to be fixed or corrected as part of the transaction so that the applicant may not incure any immediate out of pocket expense and these expenses can be incorporated into the transaction.
Jeffrey Scott Jacobs is a HUD/FHA appraiser who has many years of experience and has the knowledge to handle this type of appraisal to make your lending transaction go smoothly and as easy as possible to help you get the job done. If you have any comments or questions about the HUD/FHA Appraisal process feel free to shoot me an email or give me a call…