The process of receiving a reverse mortgage is smooth and easy with One Reverse Mortgage. One of the critical steps in the process is the appraisal. Before the appraisal you may have questions about what actually will happen during the appraisal. Here are some of the most common questions we receive during the appraisal step of the process.

What is an FHA appraisal?

An appraisal is an opinion of value that is completed by a professional appraiser. The appraiser will come out and perform an inspection; looking at a few different features of your home. The appraisal is a three step process. Here is what you can expect:

1. The appraiser comes to your home and performs an inspection.

2. The appraiser will research similar homes in the area and compare recent sales to determine a fair market value.

3. The appraiser will give a final report will all of the data and research and give an “opinion of value.”

Is the appraiser from my area?

Yes. Your appraiser will be from your area and will knowledgeable about home sales and prices in your area.

When does the appraisal take place in the process of receiving a reverse mortgage?

The appraisal takes place after the application and your personal information is received but before the initial underwriting of the loan takes place.

Does the appraiser come into my home?

Yes. The appraiser will come into your home and look at each room in your house. They will also be taking photos of each room, the attic, basement or crawl space if you have one. The will take measurements of the home to see how many square feet the home is

Can I order my own appraisal?

No. The Appraisal Management Company (AMC) manages appraisals and determines who conducts the appraisals. Due to recent Wall Street and consumer protection reforms, the Federal Housing Administration (FHA) does not allow anyone to choose their own appraiser.

Can I use an old appraisal?

Unfortunately we cannot use an old appraisal because the market is constantly changing and we need to make sure the appraisal is the most update. We cannot even take a current appraisal for a re-fi because a reverse mortgage is an FHA backed loan it requires an FHA appraiser.

How long does the appraisal take?

Depending on the size of your home, the appraisal could take up to a half hour. Inspection results are given back to us and we will call you to talk about the results of the appraisal.

What does an appraiser look for when they are appraising my home?

The appraiser will be looking at everything that has to do with the property. The amenities of the property, condition, how the home compares to other homes in the area. Every aspect of your home will be looked at to determine the value of your home.

If you have any other questions about the appraisal process, please feel free to call your licensed professional. They will be able to answer any questions you have about the appraisal or any other part of the reverse mortgage process.


Kristen Curzytek is a writer for Retiring Wise.  Give us a call at (800)401-8114 to talk to one of our licensed professionals. They can discuss your financial situation with you and determine if a reverse mortgage makes sense for you and your financial goals.