• Question
  • my home needs two major improvements and some minor improvements i estimate total costs at 35 000

    Asked by a 76 year old woman from Sanger, TX on 7/10/2012

    My home needs two major improvements and some minor improvements. I estimate total costs at 35,000 to 40,000. Is a reverse mortgage my best choice?

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  • Categories: Housing, Tapping home equity

Answers

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  • It depends on your entire financial situation, not repairs your home needs. A Home Equity Line of Credit is a terrific solution ... have you looked into that program yet?

  • Login to rate this answer:   Answered on 7/10/2012
  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • A Reverse Mortgage may be a very good option for you. Many seniors use a Reverse Mortgage for home repairs, but whether or not it is the best option is dependent on your overall financial situation.

    If you qualify and choose to proceed with a Reverse Mortgage, you will probably want to choose to take your money in a Home Equity Line of Credit -- that way you will only pay interest on the money you withdraw, not the full loan amount.

    I would encourage you to speak with a Reverse Mortgage lender. They can help you assess your options. And, part of the Reverse Mortgage loan application process is a mandatory Reverse Mortgage counseling session. The counselor will be an excellent resource for assessing your various options for funding your home improvements and your overall suitability for a Reverse Mortgage.

    To find a prescreened Reverse Mortgage lender, proceed here:
    --> https://www.newretirement.com/reverse-mortgage-marketplace.aspx

    You can estimate your Reverse Mortgage loan amount here:
    --> https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

    And, feel free to call us toll free anytime with your Reverse Mortgage questions: 866 441 0246

  • Login to rate this answer:   Answered on 7/12/2012
**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.