Home Improvements

GENERAL INFORMATION

Improving your home can be financially beneficial. Interest paid on a first or second mortgage loan is tax deductible with certain limitations, unlike the interest charged on a credit card account or a personal loan. Learn more about options in home improvement with Fannie Mae.

Whether you want to fix a faucet or add a new addition to your home, you need to know the facts and the pitfalls of home improvements. The U.S. Department of Housing and Urban Development (HUD) has resources to help you.

Home improvements may add to the overall value of your home. Some improvements add more value than others do. Determine how the improvement you plan to make may affect your home's value at the Wells Fargo website.

Before committing to a contractor visit the Better Business Bureau (BBB). Since the founding of the first BBB in 1912, the BBB system has proven that the majority of marketplace problems can be solved fairly through the use of voluntary self-regulation and consumer education.

RESOURCES

Offered through Essex Counties Division of Housing and Community Development, the Home Improvement Program provides Deferred Payment Loans to low and moderate income homeowners occupying 1 to 4 family homes for the abatement of code and safety violations. A 20 year lien will be recorded against the property. The lien must be paid off only upon sale or transfer of ownership of the property within a 20 year period. Residents in the 18 participating municipalities are eligible for assistance through the program.

HUD's Reverse Mortgage is a federally-insured private loan, and it's a safe plan that can give older Americans greater financial security. Many Seniors use it to supplement social security, meet unexpected medical expenses, make home improvements, and more. You can receive free information from HUD about Reverse Mortgages by calling toll-free (800) 217-6970 or (888) 466-3487.

Be sure to do plenty of shopping around. The AARP has a good brochure that can be ordered at (800) 424-3410 or viewed at www.aarp.org. The U.S. Department of Housing and Urban Development (HUD), which backs most reverse mortgages, has materials that can be ordered by calling (800) 217-6970 or viewed by Clicking Here.

Also try the Reverse Mortgage Lenders Association. Materials can be ordered by calling (866) 264-4466.