Coester Appraisal Group, a nationwide appraisal management company (AMC), has launched www.CoesterReverse.com, a website for reverse mortgage professionals to order appraisal products that are specialized for reverse mortgage transactions.
Among the services offered on the site is the company's ValueSafe Appraisal Program, which allows borrowers to purchase a preliminary desktop appraisal for $100. If the desktop appraisal indicates borrowers have enough equity to fulfill reverse mortgage transaction requirements, the borrower can apply the amount paid on the ValueSafe desktop appraisal to the full appraisal if it is ordered through Coester Appraisal Group.
If the desktop appraisal indicates that the property is lacking the required amount of equity, the borrower has paid only $100, as opposed to a full appraisal fee, the company says, characterizing its preliminary appraisal process as an opportunity for lenders to pass cost savings on to borrowers.
‘If completed prior to counseling, a ValueSafe appraisal can save upwards of $500 in up-front fees,’ says Brian Coester, CEO of Coester Appraisal Group. ‘That is a huge amount of money, particularly for those relying on retirement income.’
SOURCE: Coester Appraisal Group