Botox for the home
Posted by Sheri Harris on Thursday, March 24, 2011
Under: Commentary
Problem
Houses like people go through the daily wear and tear of abuse. Ok at times it may be domestic related but still your home or where you are living suffers from it. When you have a car and something needs to be repaired we will borrow from people we are not the most fond of in order to pay for repairs. We do this because of the luxury a car provides to get to many a places when you want to go. Although a car is really a necessity unless you live in a big city. But when it comes to a home and things break or are in bad need of replacement or repair, we never borrow from people. It is understood at this point that if we don't mind showing our "life has not treated us so kind" existence to others then hey, this usually means we didn't have people we could go to or borrow from during those difficult times in the first place. Most home repairs are not seen as emergencies unless it is glass,boiler or hot water heater related. Even then those repais many not be fixed for months or years because of the money involved to do it properly. Banks have come up with creative ideas to let the home leak itself out of value for the owner by allowing home owners to take out reverse mortgages. This is great because now after living in a home for thirty years and you get a huge lump sum of money that you may use for anything. So now people travel to places they find out about on the news programs. A person may even replace their older car for a new one and actually be able to have money to live off of for a while. In doing so the house is still standing but repairs are still necessary if you wish to remain there because you can no longer sell it to move anywhere else. Since you have sold your house and property with all of the trees. With a reverse mortgage you can remodel and make repairs on your home, but what if you need to make repairs without using the money you need to support yourself?
Solution
Home renovation and repair policies. Why would something like this be needed if I can just milk the like out of a reverse mortgage? If you take out a reverse mortgage you no longer own your home. You still live in a house, so what's the problem? The problem occurs when you begin to spend the money recieved from the bank like you are going to get more of it. Over time the money runs out especially of you use it for living expenses and taxes ect. Now you have less money to repair and renovate your home with. With a home renovation and repair policy sold to you when you purchased your home, you can keep your house and have the money to make repairs when you need to. For example: You purchased a home in very good condition. In ten years time you found that you need a new hotwater heater, boiler and a new bathroom along with new plumbing. How can this be accomplished with all of the other bills you have? The home renovation policy will allow you to customize a plan that will suit your renovation needs. Plans can run from $20-$100 a month and each year the value of plan you purchased increases by 5%. The plans can range from $50,000 to $750,000. Each year your cash value increases. So if you purchase a plan and in ten years you need to repair your home the cash value will allow you to use the money to make those repairs and or renovations. You can either use a portion of that cash value or all of it. The money is yours. It is not a loan and does not have to be paid back. One would still continue to make monthly premium payments and the value of the plan would increase again by 5% each year as the cash value accumulates. The good part about this type of policy is that you do not sacrifice other necessities like your house, life insurance and run the risk of taking out a bank loan or depleting your retirement or savings account. This policy is especially for home renovations and repairs. Just consider this the piggy that won't leave you crying wee wee wee all the way home.
Houses like people go through the daily wear and tear of abuse. Ok at times it may be domestic related but still your home or where you are living suffers from it. When you have a car and something needs to be repaired we will borrow from people we are not the most fond of in order to pay for repairs. We do this because of the luxury a car provides to get to many a places when you want to go. Although a car is really a necessity unless you live in a big city. But when it comes to a home and things break or are in bad need of replacement or repair, we never borrow from people. It is understood at this point that if we don't mind showing our "life has not treated us so kind" existence to others then hey, this usually means we didn't have people we could go to or borrow from during those difficult times in the first place. Most home repairs are not seen as emergencies unless it is glass,boiler or hot water heater related. Even then those repais many not be fixed for months or years because of the money involved to do it properly. Banks have come up with creative ideas to let the home leak itself out of value for the owner by allowing home owners to take out reverse mortgages. This is great because now after living in a home for thirty years and you get a huge lump sum of money that you may use for anything. So now people travel to places they find out about on the news programs. A person may even replace their older car for a new one and actually be able to have money to live off of for a while. In doing so the house is still standing but repairs are still necessary if you wish to remain there because you can no longer sell it to move anywhere else. Since you have sold your house and property with all of the trees. With a reverse mortgage you can remodel and make repairs on your home, but what if you need to make repairs without using the money you need to support yourself?
Solution
Home renovation and repair policies. Why would something like this be needed if I can just milk the like out of a reverse mortgage? If you take out a reverse mortgage you no longer own your home. You still live in a house, so what's the problem? The problem occurs when you begin to spend the money recieved from the bank like you are going to get more of it. Over time the money runs out especially of you use it for living expenses and taxes ect. Now you have less money to repair and renovate your home with. With a home renovation and repair policy sold to you when you purchased your home, you can keep your house and have the money to make repairs when you need to. For example: You purchased a home in very good condition. In ten years time you found that you need a new hotwater heater, boiler and a new bathroom along with new plumbing. How can this be accomplished with all of the other bills you have? The home renovation policy will allow you to customize a plan that will suit your renovation needs. Plans can run from $20-$100 a month and each year the value of plan you purchased increases by 5%. The plans can range from $50,000 to $750,000. Each year your cash value increases. So if you purchase a plan and in ten years you need to repair your home the cash value will allow you to use the money to make those repairs and or renovations. You can either use a portion of that cash value or all of it. The money is yours. It is not a loan and does not have to be paid back. One would still continue to make monthly premium payments and the value of the plan would increase again by 5% each year as the cash value accumulates. The good part about this type of policy is that you do not sacrifice other necessities like your house, life insurance and run the risk of taking out a bank loan or depleting your retirement or savings account. This policy is especially for home renovations and repairs. Just consider this the piggy that won't leave you crying wee wee wee all the way home.
In : Commentary