We have all seen the wildly popular TV programs showing the apparent real estate geniuses making thousands or hundreds of thousands by flipping homes. They usually find a home that has not been updated in 30 years and put in new kitchens, bathrooms and add a little curb appeal to sell the home for obscene profits. You can do the same thing in the home you live in and increase your home value significantly enough to pull more money out on a reverse mortgage eighteen months later. Not many people realize you may be able to get more reverse mortgage money each time your home significantly increases in value. To increase your value, you typically want to focus the money you spend on improvements in the kitchen, bathrooms, and flooring throughout the house. This tends to give you the best return when you refinance the house. Don’t believe me? I have 2 clients that did exactly this. Check out the Testimonials and pictures of Laura from Los Angeles and Helen from Van Nuys, Here.
Helen has a nice home in Van Nuys and always wanted to redo her kitchen because she spends so much time in there. She could never afford to make such a change until she did her first reverse mortgage in 2015. After getting her RM she immediately got multiple quotes and got a new kitchen put in for around $16,000. She got new easy roll cabinets, beautiful granite counter-tops, state of the art appliances, and gorgeous new tile. She also had her house painted inside and out. After years, Helen was able to throw a dinner party and have all of her friends over again to celebrate together. She enjoys living in her home so much more now and she is in the middle of getting another RM to have access to even more money. Her home appraised for almost $100,000 more in only 18 months!
Laura from Los Angeles is another client that never had the money to redo her kitchen or carpet or bedrooms. She was always self-conscious about having people over. She did her first reverse mortgage in 2014. She used the money and got the Maple cabinets and granite counter tops she had always wanted with a tile back-splash, and new appliances; she also had a wall removed so that she can see into the Family room while she cooks. Laura loves to have all of her family and friends over to cook for them and have a great time. Her house feels so much bigger and easier to clean. She had new tile put in the entire house that looks like wood flooring and redid the bathroom and bedrooms with her reverse mortgage money. 18 months later she redid her reverse mortgage and her value was over $100,000 higher after all of her improvements. She was able to get even more money out on her second reverse mortgage.
Each market is different and not every neighborhood would allow you to get $100,000 more in value by improving your home. That being said, so many retirees are denying themselves a wonderful home that they can more fully enjoy by making the improvements they have always wanted. Why leave that extra home value to the next person to purchase your home? Why not make the improvements now, enjoy them, and pull some more money out on a reverse mortgage? Call and start your reverse mortgage today at (877) 567-7476 or see how much you qualify for today on our reverse mortgage calculator Here