Remodeling Your Home Might Be Simpler Than You Think
Do you want extra money to retire comfortably, update your home, travel, buy a new car, pay medical bills or prescription drug costs, and more? You may use funds you receive through a reverse mortgage for practically any legitimate purpose.
Reverse mortgages are unique in the sense is that they give you the ability to convert the equity you’ve built in your house into usable funds. A Home Equity Conversion Mortgage (HECM) is the only kind of reverse mortgage insured by the Federal Housing Administration (FHA). Since HECMs are government-regulated, they come with unique requirements.
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Depending On The Type Of Loan, You May Use Your Renovation Funds For
Kitchens, Bathrooms, Extensions & Dormers, Decks, Porches, Patios, Landscaping, Finishing Basements, Roofing & Gutters, Windows, Doors & Siding, Disability Access, Septic Systems & Wells, Plumbing & Electrical, and so much more!*
What Are My Options?
There are two types of 203K loans to choose from—a Streamlined 203k and a Standard 203k. These loans are insured by the Federal Housing Administration (FHA) and may be used for both the purchase or refinance of a home.
The Streamlined 203K is best suited for non-structural projects such as electrical or plumbing work, bathroom or kitchen remodeling, painting, or getting an HVAC system. You may borrow any amount up to $35,000 for a Streamline. The Standard 203K, on the other hand, is ideal for making extensive structural modifications such as addition of rooms and repairing the foundation, as well as upgrading kitchens, bathrooms, and more. Luxury items are excluded from FHA 203k loans.*
When you purchase or refinance a home, HomeStyle® allows you to finance improvements for up to 50% of the property’s as-completed value. This option allows for a minimum of 5% down, and private mortgage insurance can be canceled once you’ve reached 22% equity. Additionally, luxury items are included in this loan option.*
*Depending on the type of renovation loan you choose, luxury items may or may not be included. Some examples of luxury items include tennis courts, gazebos, pools, jacuzzis, etc. For a full list of qualified repairs, please contact your dedicated mortgage professional.
IF YOU’RE UNSURE ABOUT WHICH KIND OF
HOME RENOVATION LOAN SUITS YOU BEST, OR IF YOU HAVE ANY OTHER QUESTIONS, PLEASE FEEL FREE TO CONTACT US.
First Time Homebuyer’s Guide
Considering homeownership but not sure where to begin? The Achievers Mortgage, LLC guide to home buying will make the process easy all in one packet.
To Your Future.
How Do Repayments Work?
A mortgage will become due and payable when the borrower passes, the property is no longer the borrower’s principal residence, the borrower does not occupy the property for 12 consecutive months for health reasons, or the borrower violates the mortgage covenants.