Category: Appraisals

Colorado Home Appraisals in High Demand

Posted on by janjordan

Reverse Mortgage for Purchase Loveland Fort Collins Greeley Longmont Westminster Colorado Cheyenne Laramie WyomingColorado’s housing market is hotter than ever.  Home prices are high, inventory is moving fast, and home appraisers are struggling to keep up with the demand.  Because of this, when scheduling a home appraisal, the wait time between scheduling and the date of the actual appraisal is on average 4-5 weeks – and sometimes more.  The cost of appraisals are also creeping up as the market stretches those in the profession thin.  This is great news for for those invested in the housing market because it shows a positive uptick in Colorado’s economy.  But it can cause problems as well, especially for those who are expecting the process to move fast.

What does this mean for Reverse Mortgage?

A critical part of the reverse mortgage process is the home appraisal. This is the case whether obtaining a traditional reverse mortgage or a Reverse Mortgage for Purchase.  The appraised value of the home is one of the important factors that determines the amount available through the reverse mortgage loan (or in the case of a purchase loan, the amount available to purchase the home).  With appraisals being a hot commodity in Colorado, if you’re considering a reverse mortgage, don’t drag your feet!  Get your application in now so we can get your appraisal on the books and locked in!

Other factors that play into the amount available through a reverse mortgage are the age of the borrower (or the youngest borrower in the case of a married couple) and current interest rates.

Reverse mortgage is an individualized, specialized loan for those 62 and older that allows seniors to tap into the equity of their home while living mortgage and loan payment free.  The funds can be accessed via a lump sum, line of credit, monthly installments, or even to purchase a home. If you are planning ahead let your specialist guide you creatively to suit your needs and desires.

Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Greeley, Longmont, Boulder and other Front Range areas of Colorado.  Contact Jan and learn if reverse mortgage is right for you.

 

Breaking Down the Reverse Mortgage Home Appraisal

Posted on by janjordan

reverse mortgage loveland fort collins greeley longmont westminster coloradoGetting assessments on just about anything can seem laborious or tedious, who wants to have something close to them looked at with a magnifying glass? But appraisals for reverse mortgage loans are not only very helpful for everyone involved, they’re required by the lender.  Part of what determines the amount of funding available from a reverse mortgage is the appraised value of the home.  Luckily the process is very simple.

First, after talking with a reputable reverse mortgage specialist, you will submit your application. The specialist or lender will be the one to contact an appraiser who will in turn contact you to set up a time for them to look at your home.

The procedure is standard and involves three steps, the inspection, the research, and the report.

Inspection:

The appraiser will walk through your home with you, he or she might take photographs. It will document features that add value to your home. If the appraiser takes a picture of something in need of repair it lets you know that it matters and gives you a chance to fix it.

Research:

Once the walk through is done, the appraiser’s work continues as they research factors that influence the value they place on your home. Home sales in your area are one area of research. Others include multiple listing services, tax assessor’s records and public records come into play. Anything that will help to give the present value will be taken into account.

The Official Report:

This is the synthesis of the appraiser’s home visit and all the research. The report is used with your loan request. If photographs were taken, they will be included as well.

The appraiser gives this report to the lender who will give you a copy and an updated reverse mortgage figures taking into account the new information.

There are simple things you can do before the appraiser gets to your home to help your loan request. Read my article about preparing your home for an appraisal by clicking here.

Reverse mortgage is an individualized, specialized loan for those 62 and older that allows seniors to tap into the equity of their home while living mortgage and loan payment free.  The funds can be accessed via a lump sum, line of credit, monthly installments, or even to purchase a home. If you are planning ahead let your specialist guide you in the many scenarios that are possible and the two of you can think creatively about your needs and desires.

Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Greeley, Longmont, Boulder and other Front Range areas of Colorado.  Click here to contact Jan and learn if reverse mortgage is right for you.