When you are 55 or older, home repairs can get tricky. Some things are just too hard or dangerous to undertake on your own anymore. It’s not worth the risk to climb a ladder, mess with the circuit breakers, or get up on the roof or under the house anymore. When you have big plans to enjoy your retirement, it’s best to leave these chores to the professionals. You don’t want to risk injury or worse and derail all your plans to travel, play with grandkids, or grow a garden your neighbors will envy.

But professionals can be expensive and while they may be worth it, if you don’t have thousands of dollars earmarked for repairs, these necessities could derail your finances.

Consider this scenario:  You’re concerned about deferred home repair causing a potential roof leak. You ask your son-in-law to investigate and discover not only the roof leaking but a slew of other critical home repairs needing attention as well including the chimney and gutters. Your monthly budget is already stretched thin, and your home is ill-suited for aging. Home repairs can be stressful, expensive, and overwhelming. How will you afford to undertake these projects?

Consider how a reverse mortgage could change this situation:

Option A: Reimagining Homeownership- Maybe selling and buying a new house would be a better option?

Reverse Mortgage for Purchase: You could opt for a new home using a reverse mortgage. This avenue allows people aged 55+ to sell their home and purchase a new one with no monthly mortgage payments, potentially bolstering savings while elevating their lifestyle in a new home more fit for their changing needs. They could opt for a home with little to no home repair needed. Read more about our many reverse mortgage for purchase options on our website here.

Option B: Addressing Repairs- How can you afford the much-needed home repairs and stay in your home?

Reverse Mortgage Line of Credit: Consider a reverse mortgage line of credit, offering flexibility as interest accrues solely on borrowed amounts, with available cash potentially growing over time. No monthly mortgage payments are ever due on what is borrowed and the funds can be used for anything they want or need, including home repair. To learn more about how this works, read more on our website here.

Home Repairs can be Daunting and Expensive

For retirees on fixed incomes, traditional options to pay for home repairs present challenges. The paramount concern is ensuring retirement comfort.

Whether revitalizing your current residence by completing home repairs or renovations or opting to move, a reverse mortgage emerges as a transformative solution, enabling you to reimagine your retirement and embrace a more secure future. In a landscape where conventional paths fall short, reverse mortgages offer seniors the chance to truly tailor their retirement journey. Whether home repairs or other financial burdens are holding you back, a reverse mortgage may be the key to your continued comfort.