HUD requires a home inspection prior to approving a reverse mortgage. This inspection covers the bare minimums for being approved. It does not mean that you are limited to doing those repairs.
A smart senior plans repairs around the reverse mortgage.
If the repairs need to be done right away, go ahead and pull money out of your credit line to do the repairs. Your current interest rate on the reverse mortgage is about 3.5%. Use it for materials purchases and contractor payments. It's much cheaper than the home depot credit card rates.
If you can wait to do the repairs, let your credit line grow until it reaches the point at which you can just use the credit line growth for the repairs and not use any of the original credit line.
Remember, when you have a reverse mortgage, you are the bank. Timing the use of your credit line can help make you more money.
Bob
bob@az62.com
www.az62.com
623-214-6663
No comments:
Post a Comment