Yes and No. No you don't need a licensed contractor if you are only doing minor repairs like painting a room or putting in new carpet you don't need a licensed contractor to make the repairs.
The home owner is responsible for repairs to the property. Depending on the amount available under the reverse mortgage, funds from the reverse loan may be available to make those repairs.
Was this a total loss? The money should go to the contractor unless you have already paid him out of pocket then the money would go to you...re-imburse you only what it cost to rebuild home and only what you paid the contractor. The mortgage company pays the contractors directly to be sure that they are paid in full and not mechanics liens are on the property. Provide proof of paid in full acknowledged by the contractor and the company will then release the check to you.
A home equity loan is a loan to be used to make repairs on a home. It is a loan that can be taken against a mortgage to fix a problem or make upgrades to a home.
kitchen repairs roof repairs
A home mortgage is a loan that is secured by property through the use of a mortgage note that ultimately grants you a mortgage for your home. You can obtain financing on the purchase of your new home or any home.
Licensed contractor.
I am looking for a contractor to assist me with home repairs. How can I be sure that I am hiring a good one? Is there a way to check them out other than references?
The home owner is responsible for repairs to the property. Depending on the amount available under the reverse mortgage, funds from the reverse loan may be available to make those repairs.
Construction mortgage loans are obtained by the home owners. Most of the funds are used to pay the contractor for the construction project though.
If you own the home free and clear then no,, you do not have to make repairs. If you still have a mortgage on the home then yes, the terms of your mortgage contract require you make the repairs regardless of whether the home is for sale or not. When there is a mortgage involved, the decision to repair or not is our of your hands. it's up to the mortgage company.
Your insurance will pay the contractor. The contractor gets the required permits. The contractor will have already factored in the cost of any permits needed to make your repairs into his bid for the job.
Try working with this contractor Groysman ConstructionHe did home repairs to us. We are very satisfied with both price and quality.
Whether there is a mortgage or not, home repairs are generally not a tax deduction. CERTAIN home repairs for improving energy efficiency of a home (insulation, better windows, etc) MAY be eligible for a tax credit (better than a deduction). However, you really need a tax advisor.
I really recommend calling your mortgage company to ask.
NO. The mortgage company does not warranty the purchased home. However, If you have acquired equity in the home you might be able to take an additional loan (second mortgage) on the equity to effect you repairs.
Was this a total loss? The money should go to the contractor unless you have already paid him out of pocket then the money would go to you...re-imburse you only what it cost to rebuild home and only what you paid the contractor. The mortgage company pays the contractors directly to be sure that they are paid in full and not mechanics liens are on the property. Provide proof of paid in full acknowledged by the contractor and the company will then release the check to you.
Your insurer paid the bill presented by your chosen contractor who made the repairs you requested. That was all they were required to do. So, you could probably sue, but you probably could not win. If your repairs were performed substandard, your claim is against the contractor who did the shoddy work or your contractors insurer, not the insurance company who already paid the bill. The insurer is not responsible for the quality of contractor an insured hires nor are they liable for the poor quality of that contractors work. The insurer can not be made to pay twice for the same repairs. This is why it's important that you hire a reputable contractor and verify they are adequately licensed and insured (get a copy) before allowing any work to begin on your home.