More and more lenders are convincing seniors that reverse mortgages are a great way to bring in badly needed (in tough economic times) income, which can be used to help pay health costs, upgrades to the home, helping grandkids through college, even vacations and other quality of life purchases.

The FHA has set out a number of requirements that make it less likely seniors will be taken advantage of. The home must be in great shape, and loan funds will be advanced to fix it up if necessary. Credit counselling is required. And a full appraisal is required. Lenders will want to ensure they hire the very best, most professional, most personable appraiser to help them close their reverse mortgage loans:

• An appraiser's professional appearance and demeanor when interacting with a HECM homeowner is crucial.
• Patience is a virtue. These aren't assembly-line, high volume loans. Appraisal companies which are thorough and ready and willing to explain their analyses and conculsions, are a must.
• Your reverse mortgage appraiser must be qualified with the FHA.  

There are other requirements that may vary from lender to lender and market to market. But the upshot is that reverse mortgages aren't transactions where you can throw a dart at an online directory and pick the low bidder. (Please never throw a dart at your computer screen, anyway.)

Choose an appraisal company that has tons of experience in the market, has professionals as evidenced both by thorough work product and demeanor and personability, and which has the expertise, patience and manpower to complete your reverse mortgage appraisals. At Appraisers of Las Vegas, we are qualified, willing and ready to complete your reverse mortgage appraisal in a professional, thorough, high-touch way. 

While Appraisers of Las Vegas is a 100% HVCC compliant appraisal company, reverse mortgage appraisals are not covered by the HVCC.