Hello Ethel, It depends on what you want to do after retirement ? Do you want to live in a smaller house, then you can sell this house. Most of us do not plan what to do in retirement - that is the more important question to answer. Depending on your plans, this will dictate what to do with the house.

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Me and my girlfriend want to buy and renovate a house. we want to get a mortgage that rolls in an extra 50 to 65 thousand dollars for renovations. does anyone recommend a specific program or lender? (besides the fha 203k)

There may be some type of construction loan programs available for you. I have used (re-)construction loan programs where the bank lends the money for acquisition of a property, and based upon a construction/rehab estimate you provide, they escrow funds for construction that you draw upon as needed In order for this to work, the bank took the renovation estimates (had to be a licensed contractor) and ordered an appraisal where the appraiser gave an "after repair value" of the home. The bank would then lend up to x% (80% in my case) of the after repair value. I used a bank local to my area, which is probably where you will find a program like this if it is even available given the current market climate. Alternatively, if the numbers make sense, you could try a hard money lender. These are private lenders who loan on buy/rehab/resell or refinance projects all the time. They typically charge higher rates, up front points, and have terms where you pay the full balance within 6mos - 2 years. They often loan up to 60-70% loan-to-value and don't care as much about credit scores as long as the property values are there, because they can recoup their loss by foreclosing if you default on the loan. These loans could make sense for you, again, if the numbers make sense, and if you can refinance it after the work is done (if you want to stay in the house). For the program I used on a few occasions: So, as phase 1 of the rehab completes, you submit a request, and they disburse funding to you, thereby increasing your principal balance by the same amount. Most of these programs are interest-only during the construction phase and the principal balance is due at the end of the construction phase (6mos - 2 yrs, depending), although one program I used converted to permanent financing at the end of the construction phase for smaller fees than refinancing. A lot of info, but I hope that helped. Good luck.

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If i want to purchase a house that needs major renovations, can i get a loan for the purchase price plus the amount needed to renovate/rebuild the house?

yes. there is a type of fha loan that allows you to do that.

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I would like to buy a run down property to renovate and sell again as soon as it is finished,would this be a buy to let mortgage or is there one out there for this type of thing ?

If you buy a property as an investor you will probably be getting a max of 80% ltv (loan to value) and your rates will be a bit high. As an investor your score has to be atleast a 720 and you have to already own a home that is currently listed on your credit report. You can try a Hard Equity lender. They will let you borrow money on the equity of the home and they usually only give a max of 65%. They do not check your credit, job etc. All they look at is the value of the home. But their rates are ridiculous. I'm talking about a 15% rate. I don't know how bad the property is but you can also by the home as your primary residence (if you don't own anything else) move in and do the renovations while your living there. If you do it that way then you can get a normal rate and you can get 100% financing (a full doc loan).

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Can i add more money towards my mortgage to renovate my house? how does that work? do i get the money upfront? i want to be a home owner by the end of the summer. i dont have good credit, but i know i can still get a nice house if i put a decent down payment on it. my situation is simple. i want to get a inexpensive house, and do simple cosmetic renovations and upgrades. is it possible if the house, for example, is $90,000 and i take out a mortgage for $120,000? giving me $30k to renovate and upgrade my house? and if so, how does that work? do i get the $30k upfront or what?

This type of loan is possible, however the seller must agree to it and the lender has to approve it as well.

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Contact a real estate agent or go to HUD forclosure auction's

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I am in uk and need to raise about £30,000. iplan to sell property in between six and twelve months. i will be purchasing another house after this one on the same basis

google mortgages

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My husband and i are going to sell our house we are refinancing our mortgage, would it be wise to put the colatteral from your house to renovate it we wil have about $120,000 left.where can we find some one to help us do this waiting for your reply soon.

In this market, since there are so many houses on the market, chances are, you would not see a good return on your investment to renovate. New paint, carpet and perhaps appliances. A good scrubbing and PRAY for an offer!

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My mother is in financial difficulties and it is unlikely she will be able to maintain a mortgage on a 6 bedroom house with a large garden in a good area in north london, that is rundown, with damp problems, bits coming apart. she need to sell it off, pay off the mortgage then down size and have money left over as a pension. a conservative estimate would be half mil for house, she still has 250,000 in mortgage, which actually doesn't leave her much, in terms of buying a flat and living in london. the question is, in order to maximise the amount she gets (every penny helps as she does not have other income) should we get rid of the house as it is, should we borrow somemore from the mortgage to do some careful renovation and sell it on, although structurally, this maybe more hassle, or should we get planning permission for flats, then sell on with this, as it is in an area that is increasingly been developed into flat? comments from estate agents/developers welcome!

unless u can do most of the work yourself then its best to let it go . or u could rent rooms to get another income.

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2 friends & i have the opportunity to buy an old house at a very reasonable price which needs renovation. can anyone advise me of the most suitable way to raise the £65000 which i would need to pay my share? we'll be doing the work ourselves & expect to be selling the property fully refurbished within 6 months. thanks in advance for any advice you can offer. for info' i own a property without a motgage on it & also a family home with a big(gish) mortgage.

Take out a mortgage on the proposed property or alternatively take out a home equity line of credit on the house you already have and finance your share with that and when you sell it pay off the line of credit and you are done. good luck.

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I am looking at a house right now, that was built in 1909. it was originally listed at $240,000, and in 2 weeks, the price dropped to 199,000. i can likely get it for about 160,000. is there any way to borrow the full amount the house is worth? the foundation is crumbling and the electrical has to be redone. there's a significant amount of work that needs to be done in order to restore this old house. now, before i'm crucified for taking such a gamble, let me explain my motivations. one block over, there is a house that is identical, but it's been completely redone. it's selling for $450,000. i'm not trying to flip this house, but if i spend $160,000 buying this antique, and $80,000 restoring it, i'll have a home that is worth almost double what i paid for it. does anyone have any idea what my options are?

Technically theres no way to do it but like the saying goes "if theres a will theres a way" and there is a way to do that. Its frowned upon with the dept. of real estate. I'm a loan agent in California contact me if you are interested in looking further into that.