The two of you have owned your Indianapolis home for many decades and, notwithstanding certain health issues, hope to remain there for the rest of your lives. Your only regret is that both your children live in other states. In fact, there was a time when you considered moving to Virginia to be near your daughter and her children. Since her divorce decades ago, this daughter has never owned a home, finding apartment dwelling more conducive to her lifestyle. Now her situation has changed – the grandchildren are grown and off in different parts of the world, and your daughter’s position has been recently eliminated. Since so many jobs allow remote work nowadays, she’s considering relocating her “home base” to be nearer to you.
You would like to help financially, and have even met with some contractors to discuss remodeling your own home to create a separate “apartment” for your daughter, complete with its own garage and entrance. In the process, your home could be made more suitable for you to “age in place”. The contractors you’ve consulted seem to think that with your acreage and building structure, you would have little trouble getting such a plan approved. Most importantly, your daughter is on board with the entire concept, knowing that her parents are not the type to intrude on her privacy and independence.
You’ve been to seminars talking about using a reverse mortgage to remodel a home in order to make a dwelling more older-age appropriate, but in your case, a reverse mortgage can help you with your second goal of creating a cozy living space for your daughter. With no need to make monthly mortgage payments to the lender (the equity in your home will serve as sole collateral for the loan), there will be no need to compromise your own standard of living in any way (in fact, you’ll be improving the safety and ease of your lifestyle.
You’ll need to keep up regular maintenance of the property, and there may be changes in property tax and insurance levels. Still, overall, it seems, your housing wealth can offer a wealth of possibilities for the two of you as well as for your daughter.
If you’d like to see what you might qualify for with a reverse mortgage in Indiana, or to download your Reverse Mortgage Guide Click Here (and scroll down).