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#80 Using a reverse mortgage to fund landscaping overhaul


David Garrison
Home Equity Retirement Specialist
NMLS # 1595194
Serving the State of Indiana
p (317) 644-2595 c (765) 516-0130
e [email protected]

2169 East Rutland Lane, Martinsville, IN 46151
Corporate NMLS #1025894

April 19, 2022

Following a few months spent “window shopping” in this frenzied real estate market, you’ve made the decision to retire in place. Following a combination of several do-it-yourself and contracted renovations, the “new interior” of your home feels too comfy to leave. However, you want to create a master bedroom downstairs. Also, while some shrubbery and flower beds were added for “curb appeal” preparatory to a sale, now that you’re going to stay, you’ve decided to do a major “Property Brothers”-style outdoor reno. You envision new walkways, stonework, and a fountain. 

A small portion of the funding can come from the money you saved by not moving, but you’ll still need around $40,000. Thus far, you’ve steered clear of borrowing, but don’t wish to deplete liquid assets any further, and would prefer not to tap into tax-deferred retirement accounts. 

Now that you’ve made the decision to “retire in place”, using the equity in your home to fund the internal and external renovations might make a lot of sense. A reverse mortgage set up as a line of credit will allow flexibility, so that you’re using the money as needed through the different stages of interior and external home improvements. 

A reverse mortgage can help create beautiful surroundings from the outside in!