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You would adjust the neighbor’s sale price up by $20,000 to account for that difference and get an estimated value of $520,000 for your home. In your condo building, a unit with the same floorplan as yours but on a lower floor recently sold. You would adjust that sale price up to account for the better view that your unit has.
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That’s why you’ll find a knowledgeable person readily available to answer your questions and ease your concerns as you go through the home loan process. When drilling down on the primary reasons that a borrower may decide to take a reverse mortgage, whether they want to supplement their income, modify their home so it’s easier to stay.
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