When u do a Reverse Mortgage, beware with whom u do business. Putting ur trust blindly in the appraiser may cost u big bucks.
This appraiser uses the square footage as base for comparison instead of the utility of that square footage. So if for instance u are looking at two exact the same size houses but one has a bathroom more than the other, the basis for the appraisal of both will be the same. That is incorrect. If both houses happen to be for sale the one with the extra bathroom will sell first because it has more utility than the other.
The next thing is repairs. U expect the appraiser to be independent. Think again. His income depends entirely on the broker hiring him. There are a number of buddies who depend on the broker like roofers and painters. If the appraiser is in cahoots with the broker he will force u to do repairs that are baseless but will cost u a lot of money. This money comes out of ur Reverse Mortgage, get it? It's so easy to swindle the elderly who depend on that loan for medical bills or their children's or grandchildren's education.
If ur told to call a roofer where in fact any handyman could do the job, it may well be that u can do it urself.