Ways to Improve Your Home’s Value Before Getting a Reverse Loan

The amount you can borrow with a reverse mortgage depends upon your age, current interest rates, and the value of your home. Although many homeowners have seen home prices fall during the recession, there are some things you can do to try and boost your home’s value before applying for a reverse loan.

Clean up the Mess

It’s amazing that some people don’t even clean up their homes when putting them up for sale or getting them appraised for a reverse home mortgage. Clear away the clutter. You don’t have to spend a lot of money to tidy up the place. Get a roll of trash bags and start tossing junk that’s taking up space. Vacuuming, dusting, and elbow grease can go a long way. Catalog items that you can sell or give away and follow through on that.

Where to Spend Money

If you have a little money to spend on a few home improvements, figure out which ones can give you the most bang for your buck. Repairing a leaky roof can be a smart investment, as well as buying paint, new carpeting, or fixtures. You don’t have to get into renovating kitchens and bathrooms or making fancy upgrades. The goal is to spruce up the place and give it a more updated look.

Work Outdoors

When an appraiser looks at your home, he or she evaluates the outside, as well what’s on the inside. The appraiser also compares your house to others in your neighborhood. It’s important to keep the lawn cut and clear away junk sitting around such as old cars, rusted lawn furniture, or other eyesores. Look at the outside of your home with a critical eye to determine what needs to be improved.

If you’re thinking of getting a reverse mortgage, you probably don’t have much of a budget for home repairs and improvements. Choose free and inexpensive projects that can improve your property and help you get approved for the best reverse mortgage possible.

This entry was posted on Wednesday, March 17th, 2010 at 7:44 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.