| On one weekend, a Saturday in particular,
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| | reverse mortgage. A reverse mortgage is a
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| I decided to attend a seminar on home
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| | special type of home loan that lets a
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| remodelling. I Usually prefer to call it
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| | homeowner convert a portion of the equity
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| home renovation. It was basically for the
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| | in his or her own home into cash. The
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| elderly people.
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| | equity built up over years of home
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| Am not in the elderly bracket but I
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| | mortgage payments can be paid to the
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| decided to attend anyway because I was
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| | owner, but unlike traditional home equity
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| feeling a bit lonely and wanted to be
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| | loans or second mortgages, no repayment
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| occupied. On looking around the room, I
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| | is required until the borrower no longer
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| saw that most people were in my age
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| | uses the home as the principal residence.
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| group.
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| | Reverse mortgages are available through
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| Think it is because they have to meet
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| | different lenders, as well as HUD. There
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| most of the cost for refinancing the
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| | are some property restrictions, but
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| renovation of the home of their old ones.
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| | single-family homes, two-to-four-unit
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| This seminar turned out to be good to me
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| | properties, condominium units,
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| and at the end I was convinced it was a
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| | townhouses, and some manufactured homes
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| good take.
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| | are eligible. Generally, the greater the
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| In this seminar, it was revealed that
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| | value of the home, the older the owners,
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| research so far shows this:
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| | the lower the interest rates, and the
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| It will probably cost anywhere from
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| | more one can borrow. This is good news
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| $100,000 to $150,000 to do a good
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| | right now, with interest rates so low,
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| renovation of a house for the elderly.
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| | and it is an opportunity for your
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| This seems a staggering amount, until you
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| | patients who have a higher annual income
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| consider that it would cost them from
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| | that disqualifies them from other
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| $3,000 to $5,000 per month if they were
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| | programs. And if they live in an area of
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| to rent a unit in a retirement facility
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| | the country where land or home values are
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| in a location where they might not be as
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| | traditionally higher, such as Hawaii or
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| happy. Looking at it from that point of
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| | New York, it may be the best option
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| view, in four years or less, they would
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| | available for refinancing.
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| have spent the money anyway, and at least
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| | Given the sheer amount you have to invest
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| making home improvements allows them to
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| | or borrow, here is a checklist before you
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| continue to live in the same location and
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| | decide on any renovation project.
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| keep their asset.
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| | Consider the following before you decide
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| The biggest challenge many older adults
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| | how to finance your home improvement
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| face when renovating their homes is how
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| | project:
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| to pay for them. Many are on fixed
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| | Talk to lenders about your options.
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| incomes with few resources. Their
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| | Know that lenders are concerned about
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| property may have increased in value, but
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| | income, debts, credit history and
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| they are cash-poor.
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| | property value.
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| During this seminar, a flyer was
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| | -Consider a secured loan when you want to
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| distributed that provided a telephone
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| | borrow more money, get a lower interest
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| number for the city and county Elderly
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| | rate or reduce taxes.
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| Affairs Division Rehabilitation Loan
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| | -Refinance an existing loan if you have
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| Program. Many cities have similar funds
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| | enough equity and if the rates are two
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| available as a means to assist
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| | points lower now than when you initially
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| individuals to stay in their own homes,
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| | borrowed the money.
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| rather than move to more costly
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| | -Use a home equity line of credit that is
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| facilities.
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| | secured by your home so you're your
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| I learnt that the loan program was
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| | interest is tax deductible.
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| available to a person or family requiring
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| | -Take out a home equity loan to get fixed
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| home modifications, based on a health or
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| | rates and payments.
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| safety need. The home loan program
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| | -Consider a homeowner loan that is
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| required that an application be submitted
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| | secured by your property. Use a value
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| with information about the number of
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| | added loan when the improvement you make
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| persons living in the household and their
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| | will have a substantial impact on the
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| combined annual income. This information
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| | market value of your home.
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| was then used to determine the interest
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| | -Do your research before using contractor
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| rate for the loan. For example, for
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| | financing.
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| combined incomes of less than $41,000 or
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| | Good Luck
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| so, the interest rate was 2 percent; for
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| | Get more information on home loans and
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| less than $52,000, 4 percent; and so on.
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| | home remodelling by Lubowa.M.Planet.
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| Another thing I learnt is that you can
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| | Visit Home Loans and mortagewebsite.
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| also have an option, which is that of a
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|
