By Tyler Plack
Tyler Plack is the Chief Executive Officer of South River Mortgage. He joined the company as a founding employee in 2017 and served as President before becoming CEO in 2026. Tyler holds an active FHA Direct Endorsement (DE) underwriting certification.
A list of repairs is a starting point for a conversation, not a loan decision. The lender needs to review the property and the proposed loan before explaining which conditions apply. A calculator cannot determine whether a repair must be completed before closing or whether a proposed repair arrangement is available.
In this article5 sections
Describe the condition before choosing a financing approach
Prepare a list of known concerns, photographs if available, and any inspection reports or written estimates you already have. Describe what you have observed without deciding for yourself that an issue is merely cosmetic or that it will prevent approval. Ask the lender how its property review works and what information it needs.
Ask for a written repair plan
| Question | Detail to request |
|---|---|
| What work is required for the proposed loan? | A written list based on the lender’s property review |
| When must each item be completed? | The required timing for each item, including any conditions before closing |
| Is a repair set-aside available for this transaction? | Eligibility, funding, deadlines, inspections and release-of-funds conditions |
| Who pays and when? | Upfront costs, any reserved funds and how they affect available proceeds |
| What if the estimate changes? | The process for cost changes, incomplete work or a missed deadline |
A repair set-aside should not be treated as a guaranteed way to finance work. Ask for the terms of any proposed arrangement before relying on it. Requirements for a loan on your existing home and a loan used to purchase a home may differ; identify the transaction you are discussing.
Check your eligibility
A few details to help us understand your options.
Keep ongoing responsibilities separate
Initial repair questions are different from the responsibilities that continue after a loan closes. For HECMs, the CFPB describes property charges, maintenance and other borrower responsibilities. Review those alongside the proposed loan’s costs and terms.
Frequently asked questions
Do small repairs mean the loan will be approved?
The apparent size of a repair is not a loan decision. Ask the lender what its property review requires.
Can repairs be completed after closing?
Ask the lender whether that is permitted for the specific work and transaction, and request the conditions in writing. This article does not approve a post-closing arrangement.
Should I order work before applying?
A financing article cannot determine what work to commission. Discuss loan-related requirements with the lender and obtain qualified advice for the property’s condition; do not treat a potential loan as committed funding.
Will a calculator account for the repairs?
An online estimate is not a property inspection or an approved repair budget. Ask the lender how the proposed work affects the loan and available proceeds.
Discuss the property review
Questions about your home’s condition? Contact South River Mortgage to discuss what should be reviewed before you proceed. Use the calculator as a starting point for estimates, and review HECM eligibility topics to prepare further questions.
Use our reverse mortgage calculator to explore your options, or call 844-230-6679. No pressure. No obligation.
