Maintaining a home can be expensive, especially for seniors. Fortunately, there are resources available to help senior homeowners afford needed renovations and repairs.
The Section 504 Home Repair Loan and Grant Program is one such resource, aimed at helping elderly individuals in rural areas. Additionally, the FHA’s Limited 203(k) program allows homeowners to include home improvements and renovations in their mortgage.
Aging in Place
Many seniors want to continue living at home as they age. It’s a desire that, with a little planning and DIY projects, may be possible to achieve.
In addition to modifying the home, seniors should also look into options for in-home care services and community resources. These can help with tasks that become more difficult as a person ages, such as transportation and housekeeping.
Several simple modifications can be made to a home to make it more aging-in-place friendly, such as adding non-slip flooring in the bathroom and kitchen, removing throw rugs, installing grab bars in the shower or by toilets and exchanging doorknobs for lever-handled models. It’s also a good idea to have a personal alert system that can be used to call for assistance if needed. This type of device can be especially helpful in preventing falls and allowing for immediate help if an accident occurs.
Safety
Many older people face health-related accidents at home, such as falls, burns and poisoning. Home safety renovations can help prevent these accidents, lower a senior’s stress and improve their quality of life.
Installing handrails on stairs and in the bathroom, removing tripping hazards like area rugs and installing light switches at the top and bottom of the staircase are simple ways to make a home safer for seniors. Adding a CO2 detector and smoke alarm to the house, and checking batteries regularly, are also important to ensure safety.
Using a personal loan can be a great way to finance safety improvements to the home. These loans typically have low interest rates and are not tied to your credit. Other options for financing safety renovations include state housing finance agencies and nonprofit organizations such as Rebuilding Together. These programs have income-limit requirements, so be sure to check eligibility before applying. GPS trackers, which are available in many forms such as on phones, can be helpful for seniors who wander from home.
Energy Efficiency
Having a home that’s energy efficient can benefit seniors in several ways. According to a 2020 report, low-income households spend over six percent of their income on energy costs, which can be particularly high for seniors with limited resources.
One way to reduce energy costs for older adults is through an improved home’s insulation and air sealing. This can help to maintain a comfortable temperature throughout the year and save on heating and cooling expenses.
Additionally, there are some states and local utilities that offer assistance with lowering household energy costs for elderly homeowners. These programs can provide for things like caulking, HVAC maintenance and other services that improve energy efficiency.
Lastly, many states, local governments and non-profit organizations have funding available for aging in place remodels or renovations. These programs can be a great resource for helping homeowners pay for projects like installing grab bars around the toilet or converting an upstairs bedroom into a ground-floor primary suite.
Financial Assistance
Home repairs and modifications can be costly, and it’s important for seniors to explore available resources to help reduce their cost. Many local and state programs provide financial assistance for certain home improvements. For example, the New York RESTORE program covers a wide range of repairs to eliminate unsafe conditions like faulty wiring and leaky roofs. Additionally, the FHA’s Limited 203(k) financing option allows homeowners to include the purchase and renovation of a property in a single mortgage for a streamlined solution.
Area Agencies on Aging are another valuable resource, providing connections to local and national grant programs that offer support for specific home repairs. Additionally, energy efficiency programs such as Weatherization Assistance Programs (WAPs) can help low-income households install insulation, caulking and HVAC maintenance to save on utility bills.