Table of contents

→ Things to consider

→ How a reverse mortgage can help

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The time has come for you to finally retire. Years of hard work are behind you, and it's time to sit back and enjoy more time at home. However, for many people, there’s a bit of work required to turn their home into a perfect space for retirement. Whether it be repairs, upgrades, or renovations, keeping your home in good shape is a lot of work, and it can be quite costly!

Things to consider

New retirees often look into some of the following home alterations to spruce up their home and make it the space they always wanted to retire in:

• Renovations

Renovating your home is an excellent way to turn it into the home of your dreams without having to move. Renovating your home will allow you to change the layout of your home or increase the square footage. Since you may be spending more time at home now, renovations also allow you to increase the comfort of your home. New floorings, an updated kitchen, and more luxurious bathrooms are just a few ways that you can make your home a more enjoyable place to be. Plus, renovating your home can also help to increase its value.

• Upgrades

Now that you will be spending a lot more time at home, why not enjoy some upgrades? Perhaps a pool or a hot tub would make your time at home more relaxing. Other upgrade considerations could include a sunroom addition, a water filtration system, or a more efficient furnace and air conditioning system.

• Repairs

Most homes, especially older homes, require some type of maintenance or repairs. The sooner you get to these repairs, the easier and less expensive they will be to fix. They can also go a long way to increasing the value of your home. Consider looking into things like a leaky roof, a cracked driveway, drafty windows, or anything else that could use fixing up.

• Income potential

Now that you are retired, coming up with an additional source of income can be beneficial to your long-term financial plan. Rental income is an excellent way to ensure that you have a monthly income source with consistent revenue flowing in. By renovating your home and converting a portion of it into a rental space, you can ensure that you always have extra cash flow coming in, not to mention it can help to increase the value of your home as well.

• Accessibility considerations

As we age, accessibility can become a concern. It can become more difficult for us to move around and do the things we were once able to do with ease. To make homes more accessible, many people are widening doorways, adding stairlifts, and making safety alterations to bathrooms.

• Home safety

Staying safe in your home should always be a priority. A home safety monitoring system can help to keep you safe from intruders and can also be essential in the case of an accident or medical emergency. These systems can sometimes be quite costly, but they can go a long way to keeping your home, valuables, and family safe.

• Hiring help

You have worked hard your whole life, and now is the time to kick back and relax. You don’t want to have to spend all of your spare time maintaining your home, and luckily, nowadays you don't have to. It’s easy to find people in your community who can be hired to help with chores around the home, whether it be a maid service, a lawn care service, or just a general handyman to help with minor repairs.

How a reverse mortgage can help

Now that you have finally retired, doing some upgrades and renovations on the house might just be your top priority. You might be finding that it can get quite expensive, depending on what type of modifications you want to do. Budgets can often run over, as unexpected expenses arise, which might bring some unwanted financial pressure.

There are many different types of loans that you can obtain to make financing these projects more manageable. However, most come with high-interest rates, stringent qualifications, and strict repayment plans, all adding to the financial stress that can come with little to no monthly cash flow.

One excellent option that can ease your financial troubles while giving you the cash you need to finance your home upgrades and renovations is a reverse mortgage. This is a secured loan that is available to people over the age of 55 who own their own homes. There are very few qualification restrictions, making it simple for most people to obtain one. This type of loan gives you the opportunity to borrow up to 55% of the value of your home, and you can use this money to fund anything that you want - including home renovations! Plus, you don’t have to worry about making monthly payments on this loan. All of the funds owing are paid back when the homeowner passes away, or moves out of the home.

If you are newly retired and are looking to spruce up your living space, renovations or upgrades can go a long way to making your home a lot more comfortable. Even though this may get expensive, it can make your retirement a lot more enjoyable, and funding renovation projects can be made simple with a reverse mortgage.