Property appraisals are an integral part of the process in getting a reverse mortgage loan closed, since the professionally-determined value of the property driving the loan determines a lot of the individual attributes. Completing appraisals for reverse mortgages is a crucial step that must be taken, but appraisals have been challenged by the ongoing effects […]
Even in the midst of the COVID-19 coronavirus pandemic, second appraisals on Home Equity Conversion Mortgage (HECM) transactions under the recently-extended collateral risk assessment (CRA) rule are still a reality that the reverse mortgage industry has to contend with. Fortunately however, the instances of second appraisals being required do not appear to be increasing at […]
Having a prospective property appraised is a key component of ultimately closing a Home Equity Conversion Mortgage (HECM) loan, since the appraisal ultimately helps to determine the amount of equity and proceeds that a borrower will be able to get. The appraisal process often involves an appraiser coming to the home of the prospective borrower, […]
