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[H1170]How To Get More Money
by Ben Needles, Ben
This is basically where the lender pays the borrower instead of the borrower paying the mortgage to the lender.

You may be wondering how this works. Basically the lender will pay you either a lump sum or monthly payments determined by the value of the home and how old you are. The more valuable your home and the older you are, the more money youll be able to get.

The reverse mortgage comes due at the end of the permanent occupancy of the senior in the home. When you move out of the home permanently, the reverse mortgage comes due.

One of two things may happen at that point in time. The home may be refinanced with a regular mortgage. This works well if the heirs or seniors decide they want the home to stay in the family or be able to have a say in who gets the home.

If the seniors or heirs decide to walk away at that point in time without arranging for refinancing with a regular mortgage, the lender or bank will take ownership of the home.

The reverse mortgage is a non-recourse loan which means that the amount due will not exceed the appraised value of the home.

Reverse mortgages require counseling by a 3rd party provider specifically so that seniors understand what the consequences are as well as the advantages of reverse mortgages. These 3rd party counselors are also required to explain alternatives for funding for seniors 62

The most important areas to look at are the kitchen, bathrooms and the outside entrance to your home. You want all these rooms to look updated and homey. You want to welcome the prospective buyer into the home and make them feel like the want to live there. And, most importantly, repair anything that obviously needs to be fixed. No one wants to buy a house that needs repair right off the bat!

The first area your prospective buyer will see is the outside entrance so you must make sure your house has curb appeal. The buyers first impression as he walks up to the house should be warm and inviting. You want them to feel like you take good care of the house so no bare spots of dirt or dead plants! Some color is great and you can buy flowers pretty inexpensively. Don't forget to trim any overgrown bushes and remove anything that is dead. Keep the lawn well manicured. Don't feel bad about spending money on the landscaping as this could very well result in a higher price for your home!

The kitchen is also a key area. Worn counter tops or linoleum will be a big turn off so invest is some new flooring or counters if you can. Also, it is important to have updated appliances. Those 70's look avocado and gold pieces will be a huge turn off to the buyer. Investing in some newer appliances will go a long way towards selling your house for top dollar, but if you simply cannot afford it, try changing the color with some appliance spray paint.

Cabinets are another area that can detract from the kitchen, but can also be expensive to replace. If you have those ugly dark wood cabinets that were popular 30 years ago, try sprucing them up with some light colored paint, new knobs and hinges.

Use the same rules in the bathroom. Fix any leaky faucets and make sure the fixtures, toilet and tub are squeaky clean. If your bathroom is wallpapered in an outdated paper, rip it down and paint in a neutral color.

Your entire home should be clean and in good repair. Remove any clutter and worn items. Take a good look at how the furniture is arranged – does it make the room look too small? If so you might want to remove some pieces. Just changing the position of some pieces can make the room look more inviting.

Doing a little bit of work and investing in some new things for your house can not only help the sale to happen faster, but it can also put more money in your pocket. Just don't fix it up too nice or you might not want to move out!

Article Source : Pg. 20

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Both Ben Needles & Lee Dobbins are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Ben Needles has sinced written about articles on various topics from Business Credit Cards, Anger Control and Business Credit Cards. About the Author (text)Brian Armstrong is a loan officer and is licensed to assist seniors to establish a Utah reverse mortgage. You can read more about reverse mortgages on his website. Ben Needles's top article generates over 550000 views. to your Favourites.

Lee Dobbins has sinced written about articles on various topics from Home Management, Diamonds and Install Flooring. . Lee Dobbins's top article generates over 246000 views. to your Favourites.
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