Aging In Place Directory

#62 - Where to Find Money When Your Home Needs to Age With You

• Esther C Kane CAPS, C.D.S. • Episode 62

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Navigating the financial aspects of aging in place presents challenges for many seniors, but numerous funding options exist to help with home modifications that promote safety and independence.

• Government programs like Medicaid waivers can fund ramps, bathroom changes, and doorway widening depending on your state
• Some Medicare Advantage plans now cover grab bars and bathroom safety equipment
• PACE (Program of All-Inclusive Care for the Elderly) may pay for home safety updates in certain areas
• Veterans can access grants up to $120,000 for major modifications through SAH and SHA programs
• Veterans' HISA grants provide around $7,000 for modifications like rolling showers and ramps
• Rural seniors may qualify for USDA Rural Housing Repair Grants up to $10,000 - https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-repair-loans-grants
• Nonprofits like Rebuilding Together and Habitat for Humanity offer free repairs for qualifying seniors
• Reverse mortgages allow seniors 62+ to use home equity without monthly payments
• Home equity loans and lines of credit can fund renovations if you can manage the payments
• Medically necessary modifications may be tax-deductible with a doctor's prescription
• Many states and counties reduce property taxes for senior homeowners

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Speaker 1:

Hello everyone, welcome to the Aging in Place Directory podcast. This is episode number 62. I can't believe we've done 62 already. I wanted to talk today about one of the aspects of Aging in Place that is so difficult for a lot of people, and that is the financial part. How do you fund, or how can you fund, some of these renovations? Now, sometimes it's very, it's a simple renovation, like just adding a ramp or some grab bars, or, you know, getting a lift chair. You know those types of things are very, are usually minor and simple, but sometimes it requires a lot more. You know widening doorways, or you know making stairs. You know lift chairs or not lift chairs, but yeah, chair lifts on stairs or even a residential elevator there's. You know, sometimes it requires major renovations in the home moving a wall or anything like that. So how do you fund that? How can you possibly stay in your place, make it safe so that you can stay there longer, as long as possible, and, better yet, be independent for as long as possible? So I'm going to talk to you today about some funding options that are available here in the US. Now I do want to say I am recording this in August of 2025, you know the end of the month and what I want to say is that things are changing very quickly here in the US, especially with Medicare and Medicaid and some government funding types of things. So hopefully these will not change when this podcast becomes live, which I think is scheduled for October. But either way, I just had to get rid of her. Either way, I do hope that they stay, but I will give you some resources at the end. So if you're watching this on YouTube, they'll be in the description. If you're listening to this on a podcast, they'll be in the show notes. But I do hope that it helps you, because I think it's so important for the 90 plus percent of seniors who do want to age in place, it's so important for them to be able to plan on how can they fund it All right.

Speaker 1:

So first I want to talk about some government programs, and these are things like Medicaid waivers. You know and I'm reading this off the list because there's so many of them but in many states, you know, medicaid can pay for ramp ramps, they can pay for some bathroom changes, door widening, all of this if it keeps you safe at home. You know, you can call your area agency on aging in your area to see what Medicaid in your state would pay for, if, of course, you you're on Medicaid Medicare Advantage plans some plans, not regular Medicare. I'm talking about the Advantage plans. Some of those do now cover things like grab bars or bathroom safety equipment I'm talking about like shower benches and shower chairs and maybe handheld shower heads. So call your plan and find out what they offer. If they offer anything as far as home modification to help you age in place, pace, which is the program of all inclusive care for the elderly, is available in certain areas not all in the US and they may pay for home safety updates if needed in order to keep you living at home. Now, it may require a doctor's prescription. You know, I'm not sure I am positive that every state has a different requirement in order to qualify for PACE, but find out from your Area Agency on Aging on how to qualify for that or what is available in your area as far as that goes.

Speaker 1:

Now, if you're a veteran and I do wish we had more benefits for veterans here, it's a shame that we don't but if you're a veteran, a veteran there are SAH and SHA grants available. These are large grants, up to $120,000 roundabout for major home changes if you have service related disabilities. Then there's also the HISA grant for veterans and that's a smaller grant around $7,000, for things like rolling showers, ramps, wider doorways, things like that. Now, families of veterans may qualify as well because, as we all know I hope you know there are a lot of seniors are aging, older than their past generations. So what's happening is, as seniors are living into their 90s and 100 plus, that their children are now seniors, so seniors are caring for seniors, so families of veterans can be seniors and they may qualify as well for some of these veterans programs to modify the home in order to age in place. So, in your area, contact the Veterans Service Office to find out what you know the story is in your particular area Housing and community help.

Speaker 1:

This is mostly for rural areas. I get a lot of emails from all my websites from seniors who live in rural areas who are finding it extremely difficult to not only find, you know, appropriate help for them or you know home modification companies or even home safety assessments, because they live in such rural areas. There just isn't that a community around them and that really, in my opinion, is one of the reasons to not age in place, but instead to find another community where you have those places close to you Everything from medical care to you know, to help with you, know, home care all of that closer to you. It could mean moving to a suburb or smaller city nearby and then age in place there, but a lot of seniors do like to stay and I don't blame them where they spent many years, all right. So for these rural communities, there is the USDA Rural Housing Repair Grants and or loans. Some are grants, some are loans and or loans. Some are grants, some are loans, and seniors 62 plus with low income in rural areas can get up to $10,000 in grants or a very low interest loan. Now, what qualifies as low income? I don't know what the qualifications are. I'm sure it changes from state to state, but you can find out in your area by contacting your local housing department or even AAA. There are city and county housing departments that offer small grants or low-cost loans, again for seniors. And then there are weatherization programs, usually for energy savings, but some will also fix some small safety issues like lighting or ventilation in the home in order to make it safer to age in place. So reach out to some aging communities in your area. Support groups are a great place to get some of this information, to see what is available in your area. Support groups are a great place to get some of this information to see what is available in your area.

Speaker 1:

The next section to look at are nonprofits and charities. Now, rebuilding Together is a program like this. It's volunteers, it's sort of like Habitat for Humanity. Volunteers make free repairs and safety upgrades for qualifying seniors. Again, qualification is different depending on where you live. And then, of course, there's Habitat for Humanity. You know they not only build houses, they also repair houses as well. Not all chapters do this, but quite a few do. So check out your local habitat for humanity and find out what they offer. And if they don't offer it, they may have information for you of who does or who can help. Aarp community challenge grants. They have small, quick projects for things, like you know, like ramps and lighting, you know, usually through local contractors, builders, handymen but they may be able to help to either finance it or help you to finance those types of things. Help you to finance those types of things.

Speaker 1:

Another tool, other tools that families and older adults can use are reverse mortgages, or they're also called home equity conversion mortgages or HECM, h-e-c-m. Seniors who are 62 and older can use the equity in their home if they've been living there a long time. It's a lot of equity to pay for renovations. You don't make monthly payments but the loan is repaid when you sell the house or you pass away, whichever comes first always want to get independent counseling on this in your area, for you know from a reverse mortgage broker. The beauty is that if you still do pay a mortgage on your home, this reverse mortgage takes the place of that mortgage. So if you're paying $500 a month or whatever for your mortgage, taking out a reverse mortgage eliminates your need to pay that $500 a month and it gives you the money to do any renovations in your home. You don't have to pay that reverse mortgage back. You can, but you don't have to so that when the house is sold or you pass away, then that that reverse mortgage is paid for by the cost that the cell of the house. Now, if the cell of the house is less than what is owed on the reverse mortgage, you do not or your family does not have to pay for that either. That is eaten up by the reverse mortgage company. They are liable for that. So for a lot of seniors, especially if you're in a low-income area time in your life and you need that money, it's a great way to get that income To help you stay safe and live longer in your home independently.

Speaker 1:

Another is a home equity loan or lines of credit. Now families can borrow against the home and fund to fund bigger renovations or, you know, depending on what they have, but those they do have to pay back. It is a line of credit. I mean it is like a secondary mortgage almost, and some states offer zero or very low interest rates on housing loans. So Massachusetts is one of those states. But you can look into and, you know, speak with a loan officer in your area and see what is available in your area. If you can afford tacking on another loan payment or a loan payment, you know, to your monthly budget, that may be something that is viable for you.

Speaker 1:

Tax savings are another issue that you can definitely think about when it comes to maybe not getting money to pay for something, but the amount of money you may have to pay out because of taxes if a physician says that the change in the home is medically necessary, like like a roll-in shower, if you find yourself that now you're in a wheelchair or you know perhaps a ramp. If you find that you're, you know, in order to get into your home you have to go up two, three stairs and you're in a wheelchair, then these costs can be tax deductible. Check with your accountant in your state to see what is, you know, viable in your area. And then some states and some counties actually reduce property taxes for seniors or disabled homeowners. So check. I know the county that I live in in Georgia does that as well, does that? So definitely want to look at that.

Speaker 1:

And you probably have to be 62 or 65 and older. So I would say, contact your area agency on aging. They ask about them, about Medicaid waivers, about local grants. You know non-profits in your area and get the pamphlet or information from them. It may already be on their website, but you know, check with them. If you're a veteran, call your local VA office. You probably already have their number in your Rolodex. If you live in a rural area, then you want to contact your local USDA 504 program. I'll have a link to that below If it's on YouTube, on the description, if you're listening to this on podcast. It'll be in the show notes and notes. And then, of course, talk to your doctor or an occupational therapist. You know about getting a letter of medical necessity and this helps to unlock a lot of funding that is available in your area.

Speaker 1:

And you want to talk with your accountant, your financial planner, your a reverse mortgage broker, a loan broker, you know and find out what the story is and how it would affect you tax wise. How would it affect you financially if you were to go for a loan or a home equity loan or a reverse mortgage, and you know what. What will the end result be? What will it look like? Will you be paying less? Will you be paying more? What's the story? And once you can crunch those numbers and have it all nicely laid out, then you'll have a night better idea of which of these options works for you.

Speaker 1:

But there definitely are ways that you can reach out and get money for these very, very valuable modifications to make your home safer, so that you can stay in it longer, so that you can be as safe for as long as possible and, best of all, to be as independent for as long as possible, because tripping over a rug, or bumping into some furniture which causes you to fall, or falling down some stairs, any of those little moments it only takes.

Speaker 1:

I worked in head injury for 12 years and I know it only takes a second for something to happen that can affect you for the rest of your life. So why not try to prevent those silly little seconds that can do that and give yourself an amazing, an amazing rest of your life? All right, I hope this information was helpful and I will talk to you next time. Oh, don't forget to subscribe to the agent in place directory. If you found this information useful or any of the podcasts that we put out useful, please share it with your friends, share them with your family, and we're just doing all our. We're doing our best to get as much information out there as possible to help you live a long, safe and happy and independent life. All right, take care Bye.

Contributor

Esther C. Kane, CAPS, C.D.S.

Host