Reverse Mortgage Appraisal Tips: Laws & Requirements
Question from our reader: Can you influence the appraiser to give a higher appraised value? Hi Bruce, This is one that I would tell you absolutely NO! It is against the law to try to influence an appraiser to raise a value. This is not to say that if you feel that […] The post Reverse Mortgage Appraisal Tips: Laws & Requirements appeared first on All Reverse Mortgage.
Can I Opt for a Voluntary Life Expectancy Set-Aside? (LESA)
Just learned of this feature, LESA. Am a current Reverse Mortgage holder and received a solicitation from a mortgage co. There’s a lot to absorb regarding RM’s and unless you are an educated real estate professional, it is virtually impossible to understand all the ramifications of these deals. Even with the “counseling” as required, total […] The post Can I Opt for a Voluntary Life Expectancy Set...
How Financial Assessment Made Reverse Mortgages Safer
“This financial assessment process is conducive to making the Home Equity Conversion Mortgage (HECM) an even safer loan product.” If a potential borrower can swallow such an absurdity he need not be concerned about who this financial assessment ( FA ) is making the product safer for! The FHA wants 1.25% insurance and will only […] The post How Financial Assessment Made Reverse Mortgages Safer app...