Veteran Founded
Veteran Operated
Financial Resources
If you own a home and are 62 or over you may be eligible for the Home Equity Conversion Mortage. HECM allows you to gain equity tax and penalty free with a line of credit that grows over time. You can also:
HECM Info – https://www.hud.gov/program_offices/housing/sfh/hecm/hecmhome
Some housing authorities offer home improvement loans such as the Minnesota Housing and Finance Agency Fix Up Fund or the Captial for Change Home Improvement Loan Program. The repayment plans are low interest, no prepayment penalty types with no closing fees. Find out if your local state housing authority offers programs such as these and if you are eligible for a loan or repayment plan
Veteran who have suffered service connected injuries or illnesses may be entitled to a grant for their housing needs. The goal of the grant is to provide a hassle free option for veterans in need to live independently. Currently, the grant allows for a maximum of $90,364 and is usually used for accessible homes. Veterans who may be eligible for a grant include:
Veterans that have specific service connected disease or injury may be eligible for a grant that can be used to enhance one’s home for more accessibility. Currently, the maximum amount you can receive is $12,756. Veterans are entitled to the grant who have service connected illness or injury such as:
The Home Improvements and Structural Alterations program allows veterans with service connected or non-service connected illnesses or injuries to renovate their homes for the treatment or accommodation of a disability including bathroom and essential sanitary facilities. These grants are given to those who have medical documentation proving that home improvements are necessary for the well-being of the veteran. A veteran can receive both a HISA and SAH or SHA grant.
Service connected veterans receive $4,100 while non-service connected veterans receive $1,200 for home improvements.
If you are a veteran seeking financial assistance from the VA, you can complete a 26-4555 VA form for a SAH or SHA grant and submit it to your local VA center. You can also apply for a HISA grant by filling out the 10-0103 VA form. For more info you can visit http://www.benefits.va.gov/homeloans/sah.asp.
The CDBG is a designed to provide communities with access to a wide assortment of resources for development needs. The program gives its annual grants on a formula basis to 1209 general units of local government and states.
Area Agencies of Aging can offer home modification services. It depends on the location where the individual in need resides in, however the cost can be reasonable or free of charge. Local businesses and contractors may be used to complete the job. The Eldercare Locator will find your local Area Agency on Aging.
Some states have their own home modification programs that you can view in https://www.resna.org. Trial equipment and low interest loans can be granted for assistive technology or home modifications for disabled individuals.
States can offer their services to a consumer with the use of a HCBS waiver program and the number of services are not limited. The programs vary from medical services such as nursing or dental services to non-medical services such as environment modifications. Family or friends can be providers of these services, but they usually aren’t paid providers.
NPOs and private organizations can also provide home modification services. Other organizations such as the MS Society focus on specific illnesses or groups like Operation Ramp it Up who help certain individuals like veterans.
Homeowners over 62 years old may be eligible for a reverse mortgage that provides funds for home modifications. If you are looking into a reverse mortgage visit the National Reverse Mortgage Lenders Association (NRMLA) or the AARP Reverse Mortgages.
You can file for a medical expense tax reduction if you pay for your own home modifications. You should refer to the IRS for more details.
The US Department of Housing and Urban Development works with local community services to assist homeless veterans. The department also provides many resources for the elderly looking for permanent living arrangements. Counselors are also ready to help answer any questions or concerns.
The US Department of Housing and Urban Development works with local community services to assist homeless veterans. The department also provides many resources for the elderly looking for permanent living arrangements. Counselors are also ready to help answer any questions or concerns.
Some auto insurance plans, medical trust funds, and worker’s compensation policies can cover home modifications. Some of these policies allow home modifications if it means preventing a person from relying on an Assisted Living Facility (ALF) or nursing home.
The National Council of Aging’s Benefit Check website has over 2500 Benefits Programs you can look over for your local area. These programs save you money on things like prescriptions, health care, food and more.
