Exploring Financial Assistance Options for Housing Costs for Older Adults

• Author: Aubrey Sipes
• Posted: 2024-08-26

For many people over 55, the cost of a place to live is their biggest expense. Before COVID-19, almost 10 million older Americans had trouble paying for their homes. With costs going up, it's likely even harder now.

But whether you own a home or rent one, there are ways to get help with these costs.

Need Help Right Away?

If you can't pay your rent, the HOPE™ Hotline at 1-888-995-HOPE can give you advice for free. They don't give out money, but they know a lot about what help is out there and can point you in the right direction.

Help for Renters

The government helped a lot of people pay rent when the pandemic hit hard through the emergency rental assistance. Some of that help is gone now, but you might still find support in your area. A good place to start looking is the Consumer Financial Protection Bureau’s website.

Public Housing and Vouchers

Public housing is meant to be affordable for less wealthy families, older folks, and people with disabilities. Vouchers (also known as Section 8) let you rent a place with help from the government. Your local housing authority or the HUD website can help you find these places to live and apply for help.

Using Your Home's Value

If you own your home, you might be able to use its value to cover expenses. This means getting a loan based on how much your home is worth, otherwise known as home equity. You’ll have to pay this money back later, so think carefully before you choose this option.

What About Reverse Mortgages?

If you're over 62 and your home is worth a lot, you could get a reverse mortgage. This gives you money for your home's value that you don’t have to pay back right away. But, this only works well if you plan to stay in your home for a long time.

Sharing Your Home

Having a roommate can help with costs and give you some company. There are services like Silvernest and Senior Homeshares that help find good roommates for seniors.

Looking for Other Benefits

There might be other ways to get financial help that can make paying for housing easier. 

When your home costs a lot, it’s good to know there are different ways to get help. It's worth looking into these options to find relief and keep your living situation secure.

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