A Home Remodel is another very common reason for doing a Reverse Mortgage. As of today, in 2021 the housing market is on fire. Home prices are soaring which is fantastic for anyone who wants to sell a home but the problem is in replacing the home. Even though homes can be sold for top dollar, buying a new home is not only expensive but frustrating when you are bidding against 20+ other buyers. For this reason, more retirees are looking at home remodels to improve their current homes instead of selling.
Why do a Home Remodel
Some people want a new kitchen or bathroom. Some need to add ramps or widen doors for wheelchair accessibility. Those that need more space for the toys they’ve wanted all their lives like an RV or classic car. It doesn’t really matter why you may want to do a home remodel, it’s just nice to know you can get the money you need from your home in order to reinvest it back into the property to make your home what you really want it to be.
For my clients the Johnsons (not their real name) A Reverse Mortgage was a fantastic solution. He had been afflicted with Alzheimer’s which was quickly taking a toll on his ability to function at home. After becoming wheelchair-bound they needed options and a Reverse Mortgage turned out to be the best by far.
With a Reverse Mortgage, we paid off their regular mortgage and eliminated a monthly mortgage payment of $1500. We also allowed them to access $100,000 which they used to make the home more accessible and to expand her office to allow her more space to stay engaged in her home-based business.
The end result is that they took a home they loved but was not practical and made it both a home they love and a home that is practical for the rest of their lives.
If you are deciding between selling your home or doing a home remodel give us a call today to look at the benefits of a Reverse Mortgage.
President – Reverse Mortgage Specialist
Heritage Reverse Mortgage
Heritage NMLS #1497455 Trevor’s NMLS #: 267962
1060 South Main Street Bldg. A Suite 101B
St George Utah 84770