Proceeds from a reverse home mortgage can be used to repair and upgrade your home. So what type of home improvement projects should you consider doing?

Reverse Mortgage Money Needs to Stretch

Before even getting down to the business of home improvement, it’s important to note that you should never spend reverse mortgage money without first sitting down and budgeting it. Withdrawing equity from your home is a big deal, so it’s imperative that you really think about how to best use reverse loan money. Avoid using your funds for unnecessary projects and instead focus on improvements that can help you live comfortably in your home as you age. Here are a few repairs you may want to consider.

Replace Old Windows

Rickety old windows can be a drain on your energy bill. High heating and cooling bills can really burden a person with a fixed income. However, before you write a check from your reverse mortgage funds, check with agencies that work with seniors in your community to see if they have any programs that help seniors with this type of home improvement. Also, look into getting a free energy audit of your home through your local utility to find out exactly where heat is being lost in your home.

Preventing Slips and Falls

Broken walkways and stairs can be a hazard for anyone, especially elderly people. Getting in and out of your home safely is important, so using reverse mortgage money to make these repairs can help you avoid falling and running up huge medical bills. Installing rails in the bathtub or shower can also prevent slips and falls. Look around your home to pinpoint areas that you can make safer.

Make smart decisions about using reverse mortgage money so that you can continue to live in your home independently. Look for reverse loan quotes here to decide if this type of loan can help you.

This entry was posted on Monday, January 25th, 2010 at 2:08 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.