Reverse Mortgage – When home repairs are necessary

Occasionally a real estate appraiser will notice that some repairs or further inspections are necessary, such as a foundation, electrical, or roof inspection.  When further inspection requires repairs, the loan will fund, and one and a half times the amount of the repair estimate(s) will be withheld until those repairs are made.

After the repairs are made, and certified as complete by the repair inspector, the bank will issue a check directly to the repair company.

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