Results 1 to 9 of 9
Thread: Reverse mtg inspections
-
10-12-2008, 10:51 AM #1
Reverse mtg inspections
I recieved a call for a quote from a lender for a reverse mortage inspection.
Is anybody doing these, and what is the lender looking for??
Similar Threads:
-
10-12-2008, 11:16 AM #2
-
10-12-2008, 12:20 PM #3
Re: Reverse mtg inspections
Wouldn't this type of inspection need an appraiser?
-
10-12-2008, 01:13 PM #4
Re: Reverse mtg inspections
An appraisal will be ordered. I have done a few of these and they were no different than a refinance. The process is just like a home purchase as the lender is paying the reverse mortgage just as they are purchasing the home. In essence if the person dies off the home reverts to them and they take their share before the rest gets split up with Aires
-
10-12-2008, 01:50 PM #5
Re: Reverse mtg inspections
That makes sense Ted. Thanks.
-
10-12-2008, 03:29 PM #6
Re: Reverse mtg inspections
Reverse mortgage inspections I do no differently than a home purchase inspection.
Most of the mortgage companies I've dealt with are mainly concerned that the roof, foundation are in acceptable condition and there are no active termite infestations present.
rick
-
10-12-2008, 09:50 PM #7
Re: Reverse mtg inspections
2 Years ago I was doing a lot of R/M Inspection. then the banks did not require them and now the are? odd. this story has an odd sound to it...
I should add 2 years ago they were fixing everything on my reports... I Would be requested to come back for reinspections of the contractors work...
Best
Ron
-
10-13-2008, 10:19 AM #8
Re: Reverse mtg inspections
I was wondering if there are certain lenders that are requiring the Home Inspection?
-
10-13-2008, 10:27 AM #9
Re: Reverse mtg inspections
Most lenders recommend an inspection to the buyer but it is not always a requirement for lending purposes.
rick
Bookmarks