Senior homeowners may have the comfort of retiring in their own homes, but there can be some hurdles along the way. Houses are hard to maintain, and with limited income, older adults may find difficulty in supporting themselves. The Section 504 Home Repair Program can help senior homeowners with this.
Also known as the Single-Familyingle Family Housing Repair Loans & Grants, this government program offers financial assistance for elderly homeowners. To qualify, your income must be 50% below your area’s median income.
The US Department of Agriculture (USDA) manages this program, and it is applicable to those who live beyond metropolitan areas, because of the additional difficulties they may face living in rural places. The benefits of this program can help with repairs, upgrades, health and safety hazards, and additions for senior-friendly home fixtures.
The cap of this loan is $20,000, with a twenty-year repayment period. Interest is also fixed at 1%. The grants section of Section 504 has a cap of $7,500.
When you apply for this, you will also be assessed according to your other debts, homeowner’s insurance, real estate taxes, and your overall financial situation.
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William Rivers is an editor with a master’s degree in Human Services Counseling at Maine State University. He has more than 20 years of experience working in the senior healthcare industry.