| As an approved FHA appraiser I have had occasion | | | | and general roof maintenance which has been |
| to provide many appraisals for people requesting an | | | | provided. The FHA appraisal requirement of '2 years |
| FHA Reverse Mortgage. While the basic appraisal | | | | remaining life' is somewhat a judgment call on the part |
| process does not differ, it is a good idea for people | | | | of the appraiser, who will be familiar with appearances |
| requesting an FHA Reverse Mortgage, also known as | | | | and with what is typical for the area. However, it may |
| a HECM (Home Equity Conversion Mortgage) to know | | | | well be that a certification by a roofing contractor is |
| what to expect when the appraiser comes to the | | | | required. If a roof has less than 2 years of remaining |
| house. | | | | life it will become a condition of the appraisal that it be |
| An FHA appraisal is really no different than a standard | | | | replaced and this becomes a significant factor which |
| conventional appraisal as far as the value conclusion is | | | | must be considered when applying for an FHA |
| concerned. However, more emphasis is placed upon | | | | Reverse Mortgage (HECM). |
| the structural integrity of the home, and on any health | | | | Other. generally less costly, repairs may be required, |
| and safety issues that may be present. For example, | | | | however the roof issue is certainly the most likely to |
| and probably the most well known of any FHA | | | | be a consideration. The other potentially major issue |
| appraisal condition, the roof must still have at least 2 | | | | could be an unsound foundation affected by water |
| years of serviceable life remaining. This will quite | | | | and/or infestation. |
| probably be the biggest issue that may be faced by | | | | This article is not by any means intended to reference |
| owners who have been in their homes for many | | | | any and all conditions that may arise as a result of an |
| years, have not replaced their roof, and decide to | | | | FHA appraisal, but is intended to make people aware |
| apply for an FHA Reverse Mortgage. | | | | that the overall condition of their home will play a part |
| The serviceable life of any roof is a function of the | | | | in the ultimate approval of an FHA Reverse Mortgage |
| type and quality of materials, the climate of the area, | | | | (HECM). |