Figuring Out the People in Your Mortgage: Appraiser

Unlike the counselor and originator (who hold meetings at their office), the appraiser comes to you. No matter which reverse mortgage product you decide on, an appraiser is required to come out to your home and give it the once over to determine its value.

Depending on home values in your area and the last time you had your home appraised, you may be pleasantly surprised to find out what your home is worth in today’s market. Keep in mind that appraisals are largely subjective, and although they follow a certain protocol, appraisers have to simply use their best judgment to set your home’s fair market value.


The appraisal visit is nothing to worry about, as long as you’ve kept up your home maintenance over the years. Either way, it couldn’t hurt to do a bit of sprucing up; clear your yard of any debris, clean your home the way your would if very special company was coming over, and fix any little things that you’ve been putting off if you can reasonably afford to do it. Also, gather up your home records — if you’ve ever had work done on the home (and who hasn’t?) try to find those statements. The appraiser will be impressed by a home that’s well-kept, but they won’t be impressed by receipts for granite countertops. Don’t start waving your credit card statement under the appraiser’s nose to prove how much you spent refurbishing the master suite. The money you put into a home never fetches an equal value when it’s appraised.

Since you can’t sway the appraiser’s evaluation with cookies or compliments, the best thing you can do during the process is sit back and let him or her work. Be ready to answer questions, but don’t hover or even follow the appraiser from room to room. If you need something to do, make a list of all the fabulous things you can do with your reverse mortgage income.