It is important to take pride in your home, especially as a longtime homeowner. The place where you lay your head should reflect who you are and what you like. It should also be safe, structurally sound, and well maintained. However, as you likely know, the latter points take work to achieve – especially as more time passes. In addition to taking work, home maintenance and upkeep often require money. Even if you are exceedingly handy, it can be hard to take on certain projects alone. You may also dream of a home renovation such as an expansion or a redone room. However, these large-scale projects do not come inexpensively.
What’s more, you may encounter issues that directly affect your safety and wellbeing which may require a professional hand to address. The wiring in a home is a common example. Older homes often have electrical wiring that was installed during a time with dated technology and regulations. This means it can pose safety hazards, malfunction, or even simply exceed its lifespan. However, an electrical overhaul is usually accompanied by a hefty price tag. These expenses are already daunting for the average person, but if you are retired, they become even more so. Sometimes it feels like there simply is not enough money to go around.
So, how can you effectively maintain your home in retirement and even complete projects you have always dreamed of? More and more Americans are using Reverse Mortgages to do just that.
What is a Reverse Mortgage?
A Reverse Mortgage is a loan geared towards homeowners aged 62 or older. What they do is allow you to access the equity that you have built over the years in the form of cash. They have many benefits; for example, they are non-recourse loans. This means you or your family will never owe more than the value of your home. They also needn’t be repaid until the loan is terminated. They also allow your name to remain on the title, meaning it stays yours.
How Can a Reverse Mortgage Help Me Maintain My Home?
The biggest headline with Reverse Mortgages is that there are no stipulations on how the money will be spent. You can use it however you see fit, whether that means daily expenses, healthcare costs, or home maintenance and improvement. What makes the third option so valuable is that it not only makes your home a better place to live, but it also helps to build equity and value in your property. Reverse Mortgages are also useful in that options like Home Equity Conversion Mortgages (HECMs) allow you to access funds in multiple ways, such as lump sums, lines of credit, fixed terms and tenures, and more.
Would you like to learn more about maintaining and improving your home with a Reverse Mortgage? Contact Retirement Home Equity Advisors today. We are a team of licensed specialists serving senior homeowners throughout the States of Arizona, California, and Colorado. We can help you strategically leverage your home equity to decrease risk and improve financial stability throughout your retirement.
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