Aging-in-Place Resources for Seniors

While the long-term costs of aging-in-place at home are often lower than residing in a care facility, the initial expenses for a remodel to ensure your home is age-proof can be significant. The average monthly cost of a long-term care facility is approximately $8,365 (2018 statistic). Despite over 90% of seniors expressing a preference to stay in their homes, fewer than 1% of houses in the United States are adequately equipped for safe and successful at-home aging. Here are some resources available to help with funding for remodel projects aimed at aging-in-place.

1. If your home is your largest asset, a traditional home loan or a reverse mortgage can help you access equity to fund the necessary home modifications for aging-in-place. Counselors available through The Department of Housing and Urban Development can assist in determining if this is the right solution for you.

Link: https://www.hud.gov/topics/information_for_senior_citizens

2. For those without sufficient equity to finance a remodel, the FHA Title-1 loan program is an option worth considering.

Link: https://www.hud.gov/program_offices/housing/sfh/title/ti_abou

3. If you live in a rural area with fewer than 10,000 residents and are over the age of 62, you may qualify for The U.S. Department of Agriculture’s Rural Repair and Rehabilitation Grant and Loan program. This program considers income limits, and the funds can only be used for home modifications related to health and safety.

Link: https://www.rd.usda.gov/programs-services/single-family-housing-repair-loans-grants

4. U.S. veterans living with a disability can qualify for several grants through The U.S. Department of Veterans Affairs, including the Specially Adapted Housing (SAH) grants and Home Improvements and Structural Alterations (HISA) grants.

Link to SAH grants: https://www.va.gov/housing-assistance/disability-housing-grants/

Link to HISA grants: https://www.prosthetics.va.gov/psas/HISA2.asp

5. Those who are eligible for Medicaid should explore the Home and Community-Based Services waivers, which help fund home modifications that enable low-income seniors to remain in their homes.

Link: https://www.medicaid.gov/medicaid/home-community-based-services/home-community-based-services-authorities/home-community-based-services-1915c/index.html

6. Habitat for Humanity offers an aging-in-place program for low-income seniors, providing renovations and repairs to their homes. To qualify, seniors' income must not exceed 80% of their region's annual median income.

Link: https://www.habitat.org/impact/our-work/aging-in-place