4/7/2024 0 Comments Bank home appraisal checklistPainted surfaces can be painted quickly and easily in most cases with a small amount of paint from your local hardware store to avoid the issue of chipped and peeling paint (many paints contain lead, and HUD will not allow the presence of peeling paint). Borrowers still have a choice when some of these items are pointed out in advance to keep from having to fix or repair them later. These items are on the checklist because they are most frequently found and must be corrected before the loan closes. The checklist mentions chipping and peeling paint, exposed electrical wiring, unpainted wood surfaces, water leaks, staircases without handrails, and common roof issues. Once the appraisal is in hand, the lender can determine the amount you will be eligible to receive from your reverse mortgage loan. On the final appraisal, you will see all of the data used in determining the value of your home. After tallying comparable sales and the complete picture of your home, the appraiser will deliver their appraisal to you and your reverse mortgage lender. Armed with photos and notes on your home, the appraiser will conduct their research to determine comparable home sales in your area. They will focus on any areas that may be in need of repair, as well as specific features of the home that could contribute to-or take away from-its value. During the inspection, the appraiser will walk through the home with you and will take any necessary photos as part of the research process. ![]() It’s a multi-step process, but you can prepare in advance to make it as smooth as possible. Here’s what you need to know to manage your expectations about getting your home appraised as part of this loan to help you age in place. Getting a home appraisal is an important part of the reverse mortgage process.
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