Reverse Mortgage for Home Remodeling
There are many reasons to consider a reverse mortgage. You can outgrow a home that fit you when you bought it. Life’s changes can introduce new challenges and make a familiar, comfortable place lose much of its functionality. Many individuals find they can use a reverse mortgage to help make their home "fit" again.
Comfortable Retirement
Wayne and Gerry Tressman age 68 and 65 are responsible stewards of their money. They purchased long term care insurance that will pay for services when they need the help. For now, the Tressman’s live comfortably and independently and are prepared for the time when this may not be the case.
Wayne and Gerry love their home. It is the perfect size and in a great location, they couldn't imagine living anywhere else. They know, however, that as they age their needs will change and their home will need to accommodate them.
Wayne and Gerry love their home. It is the perfect size and in a great location, they couldn't imagine living anywhere else. They know, however, that as they age their needs will change and their home will need to accommodate them.
Adapting Home to Lifestyle
The Tressman’s realize that their home will need a few small modifications to make things easier. For instance, they want to remodel and add a bathroom to the main level. This will help avoid the strain caused by going up and down the stairs so many times throughout the day. They figure that, while the stairs are a nuisance now, as they age they will become a serious issue. Unfortunately, the $25,000 cost of the new bathroom has prevented them from going forward with this much needed remodel.
Their home is worth $150,000 and, thanks to sound financial planning, their mortgage was paid off years ago. After researching online the Tressman’s discover that, based on their age, they are able to receive $74,602 from a federally insured reverse mortgage.
Their home is worth $150,000 and, thanks to sound financial planning, their mortgage was paid off years ago. After researching online the Tressman’s discover that, based on their age, they are able to receive $74,602 from a federally insured reverse mortgage.
The Reverse Mortgage Solution
After the $25,000 needed to install the new bathroom, the couple is able to keep $49,602 available to them in a line of credit for whenever unexpected expenses arise. This may some day include in-home health care expenses they may incur before their long-term care insurance benefit kicks in.
The best part is, Wayne and Gerry will receive the money tax-free and will not make payments for as long as they live in the home. Thanks to their reverse mortgage, Wayne and Gerry Tressman are living comfortably in their home by remodeling to fit their changing needs.
For more information, please contact Grindstone United, a division of Flat Branch Mortgage, at 866 508-HECM.
The best part is, Wayne and Gerry will receive the money tax-free and will not make payments for as long as they live in the home. Thanks to their reverse mortgage, Wayne and Gerry Tressman are living comfortably in their home by remodeling to fit their changing needs.
For more information, please contact Grindstone United, a division of Flat Branch Mortgage, at 866 508-HECM.