Can the cost of the second appraisal for a Home Equity Conversion Mortgage (HECM) be financed?

Yes, the cost of the HECM second appraisal is eligible to be financed as part of the closing costs.

 

For additional information see Mortgagee Letter 2018-06 available at: https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee


All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.


Topic Number: 2018-0032