• Question
  • appraiser

    Asked on 1/12/2010

    we have applied for a reverse mortgage and the appraise said he could not appraise the building because it looks like commerial it used to be but we turned whole building into our home.we had all utilities turned into residential.

    he also said it would appraise a lot lower

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  • Categories: Qualifying, Reverse Mortgages

Answers

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  • 69 year old from Houston, TX

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  • Hi Bill,

    Most reverse mortgage lenders will accept an appraisal from any HUD-approved appraiser. If the appraiser you worked with was not able to provide you with an estimate, you should consider contracting with another one. The US Department of Housing and Urban Development maintains a list of appraisers on their website that you can use to locate one in your area. It can be found here:

    https://entp.hud.gov/idapp/html/apprlook.cfm

    Good luck!

  • Login to rate this answer:   Answered on 2/5/2010
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.