To obtain a Reverse Mortgage as well as most other mortgage loans, the lending source needs a professional, independent appraisal of your property to determine the value of the property.  The property is going to be the main collateral for securing the loan, so from the lenders point of view, obtaining an accurate appraisal of fair market value if of upmost importance.  The condition of the property is also important, however unless there are major obvious repairs needed, the appraiser will most likely rate the property as "average" condition and the value won't be lower due to minor cosmetic repairs that may be needed.

 A professional, independent appraiser will visit your home and inspect its interior and exterior. The appraiser doesn't want to buy your home, and isn't a visiting head of state. So whatever you do, do not postpone the appraisal until you get a chance to "clean up a little." Cleaning does not make your appraised value higher!

The appraiser will form an opinion on the probable market value of the property considering sales of similar homes in the area among other factors. He or she will prepare an appraisal report explaining the conclusion. The appraisal belongs to the lender considering lending money with the home as collateral. Often, you can receive a copy of the appraisal either as a courtesy or in keeping with state law. Let us know you're interested and we'll help.

Once you make the decision that a Reverse Mortgage is right for you, we will locate an appraiser in your area and will make the arrangements for the appraiser to inspect your property.