Pay for Important Home Maintenance with a Reverse Mortgage
Living independently and remaining at home during the golden years is a goal that most seniors aspire too. But just as we age, so do our homes, and maintenance and upkeep can become a challenge for seniors – both physically and financially. This can leave many low- to middle-income seniors who own their homes feeling trapped and overwhelmed, especially if they’re forced to put off maintenance because they have to use what liquid funds they have for medicine, healthcare, food, and utilities. But if necessary home repairs aren’t made, the home can deteriorate, lowering the value, leaving it unsafe or even uninhabitable. But since many older homeowners have long paid off their mortgages, tapping into their equity with a reverse mortgage may be the right solution.
How a Reverse Mortgage Can Help
The fact is, Americans have an estimated $15.2 trillion in home equity. Turning that equity into liquid funds can help seniors stay in their homes, pay their bills, and maintain their homes. Though many low-income retirees may not qualify for conventional home equity loans because of income requirements to pay the monthly payments, senior homeowners who are at least 62 years of age may qualify for a reverse mortgage, which has optional monthly payments. Income from a reverse mortgage can provide seniors with financial security, offering a better quality of life without compromising the safety of their homes.
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More on Reverse Mortgages and Home Maintenance
Since there are no limitations on how to spend the funds from a reverse mortgage, seniors can make necessary home repairs and modification projects a reality. Whether it is updating the home to fit the needs of a senior’s physical limitations like installing grab bars, adding wheelchair accessible cabinets, or widening doorways; or updating or replacing important outdated systems like plumbing, HVAC, and electrical, the much-needed cash flow can keep seniors in their homes. Additional maintenance considerations that older homeowners may require include:
- Landscaping and lawn mowing services
- Mold or mildew remediation
- Exterior and interior painting
- Foundation cracking and leaking repairs
- Window and door replacement
Borrowers with a reverse mortgage are still responsible for paying property taxes, insurance, and HOA dues. And the loan doesn’t have to be repaid until they sell the property, move from the property, or the homeowner passes away.
With a reverse mortgage program, low- to middle-income seniors may no longer have to choose between buying food and medicine or paying for house maintenance. To learn more eligibility and requirements of a reverse mortgage, contact one of Alpha’s reputable certified mortgage lenders in your area.
Learn more about how people are using home equity conversion mortgages for purchasing homes:
Please keep in mind that the reverse mortgage industry in constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.