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Seniors face aging issues with their houses and condos.  They must make decisions about what needs to be remodeled, and how to pay for it -- and for seniors that is usually more complicated than for people with full time jobs.  Reverse mortgages have become available as one tool.  But local and state programs also make loans available through affordable housing programs to help seniors remodel for energy efficiency, weatherization and major repairs such as roofing, plumbing and window replacement.

According to the AARP, the lowest cost reverse mortgages are public loans.

The least expensive reverse mortgages are the ones offered by state or local governments. But these "public sector" loans generally can be used for only a specific purpose, like home repairs. Many are only available to persons with low to moderate incomes. But the low cost can make these loans very attractive.

Energy Efficiency and Weatherization

Remodeling projects or home maintenance projects of significant sizes, such as major plumbing upgrades, or energy efficient window replacement or a new roof, can warrant using equity in your home.   These major home renovations can improve the quality of life for a senior at the same time they reduce monthly energy bills and improve the value of the home. 

Deferred Payment Loans (DPLs)

Many local and some state government agencies offer "deferred payment loans" (DPLs) for repairing or improving your home. This type of reverse mortgage gives you a one-time, lump sum advance. No repayment is required for as long as you live in your home.

Property Tax Deferral (PTD)

Some state and local government agencies offer "property tax deferral" (PTD) loans. This type of public sector reverse mortgage generally provides annual loan advances that can be used only to pay your property taxes. No repayment is required for as long as you live in your home.

According to a 2007 AARP study, some type of PTD program is available in parts or all of the following states: Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Hampshire, North Dakota, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming, and the District of Columbia.

AARP does not endorse any reverse mortgage lender or product -- so do your homework and ask a trusted financal advisor for help in analyzing your situation and the reverse mortgages available to you.

Read more at AARP about Low-Cost Public Loans

Take the Guesswork Out of an FM Approved Roof

Carlisle is a roofing company that provides a wide variety of roofing systems and solutions.  They provide an "EPDM" roofing system in black for Northern climates and white for Southern climates.  The black roofing stands up the northern winters by attracting the sun's solar energy and can help reduce heating costs during the cold.  The EPDM membrane may also help to melt snow that can pile up on the roof and lead to collateral structural damage due to the weight.

Southern climates, on the other hand, have to deal with the heat of the sun, and white roofing will reflect the heat and reduce cooling costs throughout the mild winter and hot summers. Sunbelt areas, where the demand for cooling is greater than heating and make reflectivity a benefit. 

Whether you select tile, rock or synthetic shingles for your roof, selecing the right color for your location can save you thousands of dollars a year in heating and cooling costs.   And don't forget to check out green roofs....growing living roofing insulation can save you even more!

Carlisle SynTec
carlisle-syntec.com