• Question
  • I want to improve our home

    Asked by a 76 year old man from Tulsa, OK on 6/15/2012

    I want to improve our home

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  • Categories: Best Places to Retire, Housing

Answers

  • Editorial 


    NewRetirement

    San Francisco, CA

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  • Home improvements are a big topic and home improvements and retirement are particularly interesting.

    Perhaps you are seeking a Reverse Mortgage to help you fund your home improvements. Many people do this and you have two Reverse Mortgage loan products to choose from: the HECM and the HECM Saver. The HECM Saver is a lower fee Reverse Mortgage product. It has lower fees but also lower loan amounts -- but perhaps the loan amount would be adequate for your improvements!

    You can estimate your Reverse Mortgage loan amount for both kinds of Reverse Mortgage loans here:
    https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

    A few additional considerations for you to think about regarding home improvement:
    - Are you improving for resale value or your own use?
    - Have you considered how long you will be in your home and how your needs might change as you grow older.
    - Could you more efficiently achieve your goals by relocating?

  • Login to rate this answer:   Answered on 6/18/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.