The amount you can access on a reverse mortgage is directly related to your appraisal. The higher the appraised value, the more money you qualify for on this FHA program. Here are some suggestions that can pay big dividends to your appraised value and your pocketbook:
Remodeling kitchen, bathrooms and front yard: I recently had 2 clients spend $15 to $20 thousand dollars to remodel their kitchens with new cabinets, appliances, flooring, and granite countertops. These clients had been appraising on the low end because they had dated kitchens and bathrooms, each one of them increased their appraised value over $100,000 in around 18 months. Appealing front yard landscaping will make a difference in the appraised value as well.
Document your improvements: Having before and after photos as well as documentation of improvements you have made to the property will help the appraiser to know all of the improvements that you have made on your property that put it above the standard options that others may have in the neighborhood.
Timing: Be aware of the market; is it rising, falling, or plateaued? In a falling market, you will want to get the home appraised ASAP. In a rising market you may want to take your time preparing your property to maximize the value. You may also consider interest rates, if those are rising, they tend to push home values down; you may not want to wait long to appraise your home in a rising interest rate market.
Once you have finished doing all you can, leave your home value in the hands of the professional. The appraiser can only give value within range of the most recent sales in your area, but, making the aforementioned improvements will help you to be on the higher end of the value range. If you are ready to get the money available to you on a reverse mortgage, or you have questions regarding the process feel free to contact us at 877-567-7476, www.Funds4Seniors.com or by email robertloans@msn.com .
