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Home Maintenance List for Reverse Mortgages

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One of the conditions for keeping your reverse mortgage is keeping up with the wear and tear of the property in question. The requirement to maintain your home is not only to preserve the value of the home, but important for keeping you and your family happy and healthy while living out the rest of your days in this home. If you plan on living at home indefinitely, it is only fair that you help maintain your home. It is also suggested to set aside some of the reverse mortgage payments in order to help maintain the home.

Maintain Homes for Reverse Mortgage

One of the conditions of your reverse mortgage loan is that the borrower is responsible for the maintenance of the home. This does not mean you must spend a ridiculous amount of money installing a chandelier fixture in your home, however, it does mean that you must keep up with the wear and tear that can come along with the aging homes. Many reverse mortgage customers set aside money from their loans to keep up with the maintenance of the home. Use this checklist to help you care for your home.

  • Termite Infestation: Homeowners need to make sure that their structure is free of termite infestation. Termites can cause serious damage to the home, and you want to make sure that your home is still livable.

  • Structural Integrity: Check for cracks or bulging in the structures of the house; including walls, flooring, basements, etc. Your roof must also be free of leaks and be in good condition.

  • Maintenance of major systems: This includes plumbing, air conditioning, and electrical, and working water and sewage. Make sure that all of these systems are being properly maintained. Water and sewage must be maintained in accordance to any local and government policies.

  • Home must be free of known hazards: Any known hazard that can harm or damage property or person must be gotten rid of, which includes lead paint that can be often found in older homes. This is especially important for your health, and visiting family members, such as your grandchildren.

  • Check surrounding soil condition: Wet and expanding soil can affect the foundation of the home. Make sure that there is no standing water and that the soil is stable.

Not only can your reverse mortgage proceeds be available for you to maintain the upkeep of your home, but you can also use it to upgrade your home to your liking. Because there are no restrictions on you can spend your money, you can use your loan to build the kitchen of your dreams or to modify your home to make it more accessible, such as installing railways. If you want to learn more about reverse mortgages, speak with an advisor at 1-888-808-8486.

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About the Author:

I have been working in the reverse mortgage industry for 20-plus years. My goal is to provide consumers the most up-to-date and relevant information about the reverse mortgage industry and how it can affect them.

Thanks for reading!

-Alan F.

image courtesy of [Gualberto107] / FreeDigitalPhotos.net

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