Senior citizens may be eligible for special programs for home improvement projects.
The United States government provides a number of social services for senior citizens, including assistance programs to help seniors find affordable housing options and to maintain their current home. Additionally, a number of private companies and organizations have several products and services geared towards senior citizen homeowners, although they must be researched thoroughly and carefully.
Housing and Urban Development Programs for Seniors
The United States Government has established the Department of Housing and Urban Development (HUD) to provide assistance to a variety of homeowners and renters. Programs for senior citizens include rent assistance for low-income earners and advice on private financial options for homeowners. More information is available directly from the HUD Senior Housing Information Center, which can be reached at (800) 955-2232 or via email at pihirc@firstpic.org.
Connecticut's DECD Homeowner's Emergency Repair Assistance for Seniors Program
In addition to programs administered by the HUD, some states have special departments for senior citizen services. A good example is Connecticut's Department of Economic and Community Development, which administers financial assistance programs for senior citizens as well as other groups. The DECD provides grants and loans to senior citizens for a variety of housing needs. Since 1987, the DECD has offered funds to seniors for home improvement under the Homeowner's Emergency Repair Assistance for Seniors Program. Other states have similar programs, so it is important to contact your local social services center for more information.
Discounts on Home Improvement for Senior Citizens
Besides several government programs, senior citizens are often offered discounts by major home improvement companies, usually through AARP. For instance, AARP members will get a 4% discount at all Home Depot locations. A full list of discounts for AARP members is available on their website (aarp.org).
Home Equity Conversion and Reverse Mortgages
Home Equity Conversion Mortgages, or "reverse mortgages," are the opposite of a typical mortgage. Whereas a homebuyer will usually borrow a large portion of the value of a house when purchasing a home, a reverse mortgage is where the bank borrows a large portion of the value of a house from the homeowner. For example, if a senior citizen has purchased a house with an estimated value of $100,000, he may be able to get a reverse mortgage for $80,000, which the bank would pay to the homeowner in monthly installments. It is important to note that at the end of the reverse mortgage period, the bank will own the house. Another way to understand a reverse mortgage is that the homeowner is selling his house in slow motion and will finally lose his house at the end of the mortgage. It is possible to use a reverse mortgages to fund the improvement of a home, but seniors should be fully aware of what they are getting into before agreeing to a reverse mortgage or any kind of loan program.
AARP Advice on Home Improvement
There are a number of low-cost and free home improvement ideas that seniors can take advantage of at no risk. A detailed list of these is available from AARP in their pamphlet entitled "No-Cost/Low-Cost Home Improvements for a More Comfortable, Safer, and Easy-to-Live-In Home", available online or in print from their website (aarp.org).
Tags: reverse mortgage, senior citizens, senior citizen, aarp Home, AARP members, assistance programs, Assistance Seniors
