A reverse mortgage can be a blessing. Once you’ve met the qualifications and have evaluated whether you are getting a standard reverse mortgage or a jumbo reverse mortgage, you can decide how to best use the funds for your needs.
Whether you’re just looking for a little financial cushion to enjoy in your retirement or you have a set plan for what you need your mortgage to cover, here are a few ways to re-invest that money into making your home more comfortable as you age!
A lick of paint here, a raised flower bed there…there are so many ways to improve the curb appeal and functionality of the exterior of your home!
Some great improvements to bring joy to your life include adding comforts to increase your time in the sunshine! Plant a garden, upgrade your yard, add on a patio with a fire pit for those lazy summer nights. Water features add tranquility and elegance to any space; listening to the soothing sound of the water while you safely soak in some vitamin D and breathe in that fresh air during the summer months might be just what the doctor ordered.
Looking for more practicality in your investment? Consider some less cosmetic and more useful upgrades to your home! Some great ways to do this include replacing:
By upgrading these things, you can get ahead of potential hazards and unexpected damages further down the line!
Are there a few things inside your home that need your attention? Maybe a new coat of paint or a kitchen update? Using your reverse mortgage payout for interior renovations can also be super helpful!
We all need a little change in our surroundings every now and then! Here are a few “easy” cosmetic updates you may want to consider:
- A new color scheme for your home or just fresh coats of paint to update the original color
- New furnishings
- Updated cabinetry in your kitchen
- Built-in shelving for books and extra, visually appealing storage space
Just making a few of these changes can instantly make your home feel more inviting and cozy!
Upkeep on a home can be a constant chore, but by identifying possible needs and getting ahead of the problems, you can save yourself over time, both financially and in stress prevention! Making sure your home is well insulated to keep your home energy efficient, installing central heating and air if you don’t already have it, and keeping on top of plumbing updates to avoid issues down the road can all be great ways to invest in your home.
As with all things, with age comes changes that you will need to adapt for. By making a few alterations in your home, you can comfortably navigate many of the challenges that come with advancing age and can stay in your home longer. The cost of aging in your home can be significantly lower than alternatives, so by planning ahead and making these adjustments, you can also potentially save yourself and your family financial strain.
By utilizing your reverse mortgage funds to invest in your home, you can re-invest in your future. Contact a reverse mortgage specialist today to find out if a reverse mortgage is right for you!