84AMarket value of reverse mortgaged property

84A Market value of reverse mortgaged property

(1) This regulation is made for subsection 86A(2) of the Code. (2) The market value of a reverse mortgaged property is: (a) if the property has not been sold—the property’s market value, as determined by an accredited valuer within 3 months before the credit provider receives an amount from the debtor to discharge the reverse mortgage; or (b) if the property has been sold—the property’s sale price. (3) However, if the market value under paragraph (2)(b) is reduced because: (a) the debtor, or a person who occupied the property with the debtor’s consent, deliberately damaged the property; or (b) the sale was not conducted in good faith; or (c) the sale was not conducted on fair and reasonable terms; the market value of the property is the market value at the time of the sale, as determined by an accredited valuer. (4) In this regulation:

accredited valuer, in relation to a property, means a person who is:

(a) accredited as a certified practising valuer by the Australian Property Institute; or
(b) a professional member of the Royal Institution of Chartered Surveyors who is entitled to be described as a Chartered Valuation Surveyor; or
(c) registered or otherwise authorised, under the laws of the State or Territory in which the property is situated, to value that kind of property.