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Due to the downturn in home values across the nation there are a lot of people who are now living in houses that have not built up any added value over the past several years. This has put a strain on people who were hoping to use the increased monetary value of their homes to perform some much needed home repairs.

In a rising housing market you can buy a home value one year and in the next year the value of the home will actually grow by a few percentage points from one year to the next. So if you bought a home for $175,000 five years ago it might actually be worth $200,000 today with normal economic growth. You would then be able to borrow money against that added value from a bank and use that money to upgrade your house.

Unfortunately many people don’t have that added home value which is known as “equity.” Most home prices have actually dropped in the past year or so, which means a lot of people are now living in homes that are now worth less than what they originally paid. When you owe more money on a house than what it is worth then you are said to be “underwater” with your mortgage.

Luckily you can still afford home improvements even without having equity in your home. If you’re looking for a big home repair loan then you may want to think about applying for a Title I home improvement loan from an eligible loan partner. You do not have to have equity in your home to apply for an FHA Title I home improvement loan. Almost any homeowner can apply for an FHA loan and eligibility is less severe than most traditional lending institution loans.

Another great way to keep the high price of a home improvement project down is to do at least some of the labor yourself. For most home improvement jobs the highest expense often comes from the amount of manual labor involved, so by doing some of that work yourself, you can really reduce the total cost of the overall project. There are lots of different DIY home improvement projects most people can do around their homes with just a little bit of knowledge and some elbow grease.

Most small home repairs can become major headaches if they are allowed to go unaddressed for too long. If you have a serious house repair that needs to be done, don’t let your home’s dropping value prevent you from obtaining the cash you need to make the repairs. And, as you can guess, large home projects always end up costing more than the small ones.

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The FHA tells OmniHome how much they can lend you, based on your age and the value of your home. The program limits your loan costs, and the FHA guarantees that lenders will meet their obligations. And with a Reverse Mortgage, there’s no repayment necessary as long as you stay in your home.

Remember, the beauty of a Reverse Mortgage from OmniHome is that you stay in your home. There’s no moving away to a nursing home, no living in an isted care apartment. You live in your own home; you keep the title to your home.

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