Home Renovation Grants for Retirees: Upgrade Your Home Without Tapping Into Your Savings
- Author: Mikko Rocco
- Posted: 2024-12-09
Whether it's adding a walk-in shower or installing ramps, remodeling can be costly. For example, widening a shower could cost around $5,000 and installing a ramp about $1,100.
More extensive modifications, like putting in an elevator, could reach up to $45,000. However, if you're worried about the expenses eating into your retirement savings, there are several grants and funding sources available specifically to help retirees manage these costs.
Here's a look at a few options:
1. USDA Rural Development Housing Repair Loans and Grants
If you're 62 or older and live in a qualifying rural area, the U.S. Department of Agriculture offers loans and grants for home repairs.
These are meant to make your home safer and more accessible. The loans can go up to $40,000 and grants up to $10,000.
2. Weatherization Assistance Program
The U.S. Department of Energy provides the Weatherization Assistance Program, which helps low-income households improve their home's energy efficiency, which can also include structural adaptations.
Eligibility varies, but generally, your income needs to be at or below 200% of the national poverty line.
3. Habitat for Humanity’s Home Repair Program
This program isn't just for retirees but for any low-income homeowner.
Habitat for Humanity can help with various repairs and adaptations, from plumbing work to accessibility features like ramps and widened doors. The amount of money and the types of repairs covered can vary.
4. Home Improvements/Structural Alterations (HISA) for Veteran
Specific to U.S. veterans or servicemembers, this grant helps with home modifications necessary for medical needs or improved accessibility.
This could include changes to the entrance, bathroom, kitchen, or critical systems in the home.
5. Specially Adapted Housing Grant For Veterans With Disabilities
Veterans with certain service-connected disabilities might qualify for this grant. It can be used for various home modifications to make a veteran's residence more accessible.
The grants are quite large, sometimes reaching over $100,000.
Next Steps
If any of these programs sound like they could help, the next step is to do thorough research and gather the necessary documents.
Most programs will require proof of age, income, assets, and homeownership, and sometimes a medical necessity for the repairs or a veteran status. Always check the specific requirements before applying to ensure you qualify.
Taking advantage of these grants can significantly reduce the financial strain of home renovations in retirement, allowing you to make your living space safe and comfortable without undermining your financial stability.
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