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10-12-2008, 11:51 AM
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Member
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Join Date: Mar 2007
Location: Mesa AZ
Posts: 143
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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??
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10-12-2008, 12:16 PM
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Member
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Join Date: Mar 2007
Location: Fort Worth, Texas
Posts: 1,303
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Re: Reverse mtg inspections
Originally Posted by Dan Harris
I received a call for a quote from a lender for a reverse mortgage inspection.
Is anybody doing these, and what is the lender looking for??
Just like a refinance. They just want to make sure the home they are technically buying is in decent shape with no major concerns going on. Just trying to protect their investment.
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Ted Menelly
"Castle"
Home Inspection Services
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10-12-2008, 01:20 PM
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Member
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Join Date: Mar 2007
Location: Hudson, WI
Posts: 439
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Re: Reverse mtg inspections
Wouldn't this type of inspection need an appraiser?
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10-12-2008, 02:13 PM
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Member
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Join Date: Mar 2007
Location: Fort Worth, Texas
Posts: 1,303
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Re: Reverse mtg inspections
Originally Posted by Michael Larson
Wouldn't this type of inspection need an appraiser?
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
__________________
Ted Menelly
"Castle"
Home Inspection Services
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10-12-2008, 02:50 PM
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Member
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Join Date: Mar 2007
Location: Hudson, WI
Posts: 439
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Re: Reverse mtg inspections
That makes sense Ted. Thanks.  |
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10-12-2008, 04:29 PM
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Member
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Join Date: Oct 2003
Location: Rockwall Texas
Posts: 2,428
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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
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10-12-2008, 10:50 PM
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Member
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Join Date: Mar 2008
Location: Healdsburg Ca
Posts: 762
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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
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10-13-2008, 11:19 AM
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Member
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Join Date: Jul 2008
Location: Severn, MD
Posts: 1
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Re: Reverse mtg inspections
I was wondering if there are certain lenders that are requiring the Home Inspection?
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10-13-2008, 11:27 AM
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Member
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Join Date: Oct 2003
Location: Rockwall Texas
Posts: 2,428
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Re: Reverse mtg inspections
Most lenders recommend an inspection to the buyer but it is not always a requirement for lending purposes.
rick
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