Assessment Is Raised

Expert, localized Los Angeles answers provided by Heather Roy

Assessment Is Raised
	Dear Edith: I got a reverse mortgage on my residence six years ago. The property has recently been appraised by the town for tax purposes at $40,000 more than the appraisal at the time the deal was signed. The new tax appraisal is for "full market value." Can I get my reverse mortgage line of credit increased based on the new appraisal?

	The town’s new estimate is an assessment for tax purposes, which would not be considered by your lender as an appraisal. As for whether a new higher appraisal, if you paid for one, would raise your line of credit, that’s a question for your mortgage company.
	Edith Originally published on October 16, 2005

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