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Yolanda John…, Home Owner in Philadelphia, PA

We are seniors ages 65 and 78 with a decent retirement income. We live in a house that we want to rehab to possible continue to live in or to move to

Asked by Yolanda Johnson, Philadelphia, PA Thu Mar 29, 2012

a one floor dwelling. We have student loans that we are paying and some to be consolidated in a year. I am putting a loan proposal together to submit. We need advice is it feasible to move or just to rehab the house. Also, to find a good lender at our ages. We had a very large family that we helped. Now we need to either move to a better location or completely do house ove.

Help the community by answering this question:


Well, as far as moving or rehabbing, both could make sense depending on how you feel about it.
If you wish to downsize and cash out by selling your property - perhaps this is a better solution.
Extensive renovation is not an easy task either.
There are a few great lenders I could recommend.
There is also a smaller community bank which portfolios their own mortgages that I would highly recommend speaking to for possibly a more flexible approach to your particular situation.
Please contact me to discuss.
I would be happy to assist you and provide more details.
Dmytro V. Bova
Realty Mark - The Diamond Group-Real Estate Sales
Main Line Investors Group - Property Management
700 E. Township Line Road, Suite 100
Havertown, PA 19083
Tel: 610-348-8389
Tel: 610-449-1919 x.223
Licensed In Pennsylvania
0 votes Thank Flag Link Thu Mar 29, 2012
That is great information that you gave. Also, the three other comments were great. I will call next week.
Flag Thu Mar 29, 2012
You have many options if you contact me I'll be more then happy to give you referals to some good Mortagage Professional because a lot depends on your credit score and if that is low then you might want to speak with a Reverse Mortagage Professional. My phone is 215-725-5700 X49 or my Cell 267-934-1971

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
0 votes Thank Flag Link Fri Mar 30, 2012
Call me @ 267-994-5223. I may have some options that will work for you.

David J. Kerwin
Realtor / CDPE
Remax Advantage
0 votes Thank Flag Link Fri Mar 30, 2012
To be honest, Yolanda, this question would be better suited for an in-person meeting.

That way, an agent can see your home, review your goals, and offer advice on what your potential options might be. If you would like to schedule a day/time to meet in the comfort of your own home, just let me know.

Take Care,

Timothy M. Garrity | REALTOR® & Consultant
U S Spaces, Inc. | #RS314897
215-829-8850 x267 - Office
267-879-2716 - Mobile
0 votes Thank Flag Link Fri Mar 30, 2012
Hi there,

I think you should explore your options regarding moving a bit more before considering one of these two options.

Changing communities can be great, or it can be removing you from your familiar surroundings, family and friends, health care, etc.

Take a closer look at what options exist in terms of moving. There are some great "stepped" retirement communities in the burbs west of philly, look at single family one story homes perhaps close to an extended support system, or even look at condo living if you love the downtown areas.

You will need to speak to at least three contractors to get an idea of how much renovations may cost should you decide to redo your home, and then you must consider if it will be sale-able down the road. Only after getting estimates should you consider loan options.

Get these ideas down on paper - it always helps with big decisions to see it all in black and white.

If you need a referral to a Senior Real Estate Specialist, you can contact me and I will put you in touch with someone reputable.

Ana Barlow
Coldwell Banker Preferred
0 votes Thank Flag Link Thu Mar 29, 2012
Thanks much. Our original idea was to relocate and sell however, we live in a community that is revitalizing. Therefore, investing a few thousand in a makeover,, should reap a decent rent and we still own the property to leave for our children. On the other hand if we get a decent offer we may just sell it.
Flag Thu Mar 29, 2012
please call me about a 203k re-fi. This program is a govt backed loan and is right douwn your alley.

Regards, John Curci RE/MAX 215-757-2889
Web Reference:
0 votes Thank Flag Link Thu Mar 29, 2012
Hi, will call. Thanks
Flag Thu Mar 29, 2012
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