Home repair is a broad term that can encompass a wide range of projects, from fixing a leaky faucet to renovating an entire home. No matter the size or scope of the repair, it’s important to be aware of all the potential programs and resources that are available to assist seniors in making their homes safe and comfortable.
One of the most common sources of financial assistance for home repairs is the Home Equity Conversion Mortgage (HECM) program, which is sponsored by the U.S. Department of Housing and Urban Development (HUD). The HECM program provides reverse mortgages to eligible seniors who own their homes outright or have a considerable amount of equity built up in their homes.
In order to qualify for a reverse mortgage, seniors must be at least 62 years of age and must occupy their home as their primary residence. The amount of money that can be borrowed through a reverse mortgage is based on the value of the home, the age of the borrower, and current interest rates.
To learn more about what might be available in your area, contact your local housing office or Area Agency on Aging.
Table of Contents
• Home Repair Program For Seniors
• Homeowners Assistance Fund Qualifications
• Program To Help Seniors With Home Repairs
➥Those That Provide Financial Assistance
➥ Free Or Reduced-Cost Services
➥Give Access To Special Equipment Or Supplies
• Home Repair Assistance Programs For Seniors
➥The Section 504 Home Repair Program
➥The Homeowner Rehabilitation Assistance
➥Home Improvement Program(HIP)
➥The Home Investment Partnership Program
➥The Weatherization Assistance Program
➥AAA or Area Agency on Aging
➥Habitat for Humanity
➥Veterans Affairs Home Improvement Grants
• Types of Home Repairs
• Selling a House As-Is
Home Repair Program For Seniors
The Home Repair Program for Seniors is a federally funded program that provides loans and grants to low-income homeowners age 62 and older to make necessary home repairs. Loans are interest-free and have a deferred payment option, while grants do not need to be repaid.
Eligible seniors can receive up to $7,500 in loan funds and $3,500 in grant funds per household.
Some seniors may be eligible for grants or low-interest loans from the federal government, state governments, nonprofits, or private foundations. Home equity loans and reverse mortgages are also options for seniors who have built up equity in their homes.
Homeowners Assistance Fund Qualifications
To be eligible for Homeowner Rehabilitation Assistance, homeowners must:
- Be 62 years of age or older, or have a disability that prevents them from performing home maintenance tasks
- Own and occupy the home as their primary residence
- Meet low-income guidelines
- Have Homeowner’s Insurance
Is There a Program To Help Seniors With Home Repairs
Home repair assistance programs for seniors typically fall into one of three main categories:
1. Those That Provide Financial Assistance
Financial assistance programs can help seniors cover the costs of Home repairs by providing funding, loans, or grants. These programs are typically need-based, so seniors will need to demonstrate financial hardship in order to qualify.
2. Those That Offer Free Or Reduced-Cost Services
Free or reduced-cost services are typically offered by nonprofits or government agencies. These organizations may have staff or volunteers who can perform minor repairs, like changing lightbulbs or fixing a leaky faucet. They may also offer free or discounted rates for major repairs, like painting or roofing.
3. Those That Give Access To Special Equipment Or Supplies.
Organizations that provide access to special equipment or supplies can be a great resource for seniors who are unable to complete repairs themselves. These organizations may loan out tools or lend a hand with larger projects.
Home Repair Assistance Programs For Seniors
Here are some specific programs that offer Home repair assistance to seniors:
1. The Section 504 Home Repair Program
This provides loans to very-low-income homeowners to repair, improve or modernize their homes or grants to elderly very-low-income homeowners to remove health and safety hazards. Section 504 loans are only for applicants who can’t afford to repay a loan in regular monthly payments and who meet one of the following two conditions:
A) you are age 62 or older and live in the house, or
B) you have a disability that prevents you from working at a job
2. The Homeowner Rehabilitation Assistance Program
They provide loans to low- and moderate-income homeowners to make necessary repairs. Homeowners can receive up to $20,000 in funding for eligible repairs.
Rehabilitation assistance is provided in the form of a deferred payment loan. This means that no payments are required as long as the homeowner occupies the home.
When the home is sold or otherwise transferred, the loan becomes due and payable in full. If the loan is not repaid, the home may be subject to foreclosure proceedings.
3. Home Improvement Program(HIP)
The Home Improvement Program (HIP) provides free home repairs to low-income, disabled or senior citizens who own and live in homes in need of repair within participating jurisdictions. Homeowners can receive up to $25,000 in funding for eligible repairs.
4. The Home Investment Partnership Program
The Home Investment Partnership Program (HOME) provides grants to states and local governments to fund a wide range of activities that build, buy, or rehabilitate affordable housing for rent or homeownership or provide direct rental assistance to low-income families.
5. The Weatherization Assistance Program
Provides free weatherization services to low-income households, including seniors, to help them save money on their energy bills.
6. The Low-Income Home Energy Assistance Program (LIHEAP)
They help low-income households with their energy bills. Eligible households can receive a one-time payment to help pay for energy costs.
7. AAA or Area Agency on Aging
Is a non-profit organization that helps seniors with a variety of needs, including home repairs. They help with home repair and modification for older adults who wish to remain in their homes and live independently.
8. Rebuilding Together
This is a nonprofit organization that helps low-income homeowners, particularly seniors, with home repairs and modifications.
9. Habitat for Humanity
Habitat for Humanity is a nonprofit organization that helps families in need by providing safe, decent, and affordable housing. Habitat for Humanity also offers Home Repair programs that provide assistance to low-income homeowners who are struggling to maintain their homes.
10. Veterans Affairs Home Improvement Grants
The Veterans Affairs Home Improvement Grants program offers grants to eligible veterans who need help paying for home repairs. Veterans must have a service-connected disability in order to qualify for the program.
Types of Home Repairs
The following types of improvements are eligible for assistance:
- Gutter and downspout repair or replacement
- Electrical system repair or upgrade
- Heating and cooling systems
- Lead-based paint hazard reduction (abatement) or removal
The amount of assistance a homeowner can receive will depend on several factors, including the cost of the repairs, the value of the home, and the homeowner’s income.
Selling a House As-Is
If you are a senior citizen and need to sell your home but cannot afford to make the necessary repairs, there are companies that will buy your house as-is. This means that you don’t have to make any repairs to the house before selling it.
We at Colorado Cash Buyers is a homebuyer that buys houses in any condition. We would be happy to make you a no-obligation cash offer for your home.
If you have any questions about our process or would like to get started, please give us a call or fill out our online form. We look forward to hearing from you!