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#93 Financing a big home makeover with a reverse mortgage line

TO DEAL WITH REVERSALS OF FORTUNE, THINK REVERSE MORTGAGE

July 19th, 2022

While the two of you had long ago made clear that your children were expected to manage their own affairs once they’d graduated and left the nest, life has not followed the expected pattern. Because of some mental health issues, one of your daughters has been forced to give up her full time employment. With her companion having abandoned her, moving out of their apartment, you have been helping your daughter financially. What appears to you to be the best course of action is having her live with you for awhile as continues her therapy and her part-time work. Six months remain on her apartment lease, and in that time you want to convert one area of your home into a studio “apartment” for your daughter.

No, this is probably not the picture you’d had in mind when you retired seven years ago, but you’re ready to “step up to plate”, knowing your daughter deserves the chance for a new start. After much research, you believe you’ve found contractors who can complete the project within the six month timeframe. However, the cost estimates indicate you’d need to liquidate a hefty chunk of your savings and investments.

Instead of tapping into your invested assets, consider using your housing assets to meet your home remodel needs. A reverse mortgage set up as a “line of credit” will enable you to make tax free withdrawals to pay the contractors as the remodeling work progresses.

Sometimes moving forward requires approaching matters in reverse!

https://mutualreverse.com/david-garrison/

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