AmeriMac
MARCH 29, 2024
One important aspect of the reverse mortgage process is the appraisal, which determines the value of the property and plays a crucial role in determining the size of the loan. Meeting these eligibility criteria is the first step in applying for a reverse mortgage.
Housing Wire
FEBRUARY 8, 2022
Loans for second homes, investment properties, cash-out refinances, construction loans, multi-unit properties, renovation loans, condos, co-ops or manufactured homes are not eligible. Any loan application flagged as ineligible by Fannie Mae’s automated underwriting system will have to use a traditional appraisal.
McKissock
OCTOBER 12, 2021
Because the house is in a registered historic neighborhood, returning it to the character of its age is warranted rather than modernizing, which would add to the project cost. I put on both my appraiser and remodeler hats, performed a detailed walk-thru, and priced out the cost to hire everything done, and the estimate is right at $90,000.
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