Using a HELOC to Turn a Family Home Into a Dream Home

Lindsey and Michael Gay both grew up in Reno’s River District. They bought her grandparents’ home, so the next generation of their family had a connection to their history.

The house was full of memories, as Lindsey’s father, aunts, and uncles grew up there. But they also needed to modernize the home and make it their own. So, they got a Home Equity Line of Credit (HELOC) from Greater Nevada Mortgage.

“When we purchased the house, it was dated,” Michael said. “We decided that we were going to update it to its fullest capacity. We redid all the electrical, the HVAC, and the plumbing.”

“We took the house all the way down to the studs, put in a new kitchen, new bathrooms, everything here pretty much is new,” Lindsey said.

This was the Gays’ second HELOC with GNM, so they knew the process for getting the funds was easy. With a line of credit based on their home’s equity, they could borrow funds as the project evolved. This saved them money because they only had to pay interest on the cash they needed and could pull funds if anything unexpected came up.

After completely remodeling the inside of the home, the couple loved the changes. Michael especially likes the new vaulted ceilings that create a bigger sense of space. Lindsey said her favorite feature is the new granite island in the kitchen.

“It was really neat for the family,” Lindsey said. “I think my dad and my aunts and uncles would tell you for sure this was a huge benefit that it gets to stay in the family and that we can continue to bring those memories through over time.”

Are you ready to use your home’s equity to fund renovations? A local Mortgage Consultant is ready to help you!