So, after the senior decides to remedy this situation, he goes to his friendly local bank and asks for a loan. It is usually at their bank where he or she has his savings, IRA, CDs, etc. However, what many seniors find is that the loan officer tells them that their fixed income is not enough to qualify and their credit score is below the high score that is needed today. Or even worse, they find they do qualify for a remodel loan, but after the appraiser goes out, he gives them a list of repairs needed to bring the home to “standard condition” and the list is longer than his arm. Sometimes the appraiser calls for a new roof, updated wiring and plumbing if the house is old or a new paint job. The senior is overwhelmed andmay not have the $30,000 or so needed for the repairs. So, he or she gives up and starts looking into alternative care facilities and changing his bank.
What many seniors need to know, who have major repairs and want to stay in their homes, is a company by the name of Independence Housing Group, LLC. This is a family owned innovative company that figured out how to solve the problem of lack of repair funds for the senior and how to satisfy the requirements of the banks.