The monthly Social Security checks are sometimes the only source of income for many seniors in retirement. According to the figures, the government pays seniors an average of $1,360.13 per month. That’s just over $16,300 a year, and a substantial portion of that money is directly allocated to lodging costs[1].
As the cost of living tends to rise and payments stagnate, it is essential to explore options that will help you save money on housing costs. Luckily, a little online research may help you find financial assistance.
“Various programs offer grants, loans, and vouchers to assist seniors in saving money on their housing,” said David Eros, executive manager at Senior Housing. “Do an online search to find out what eligibility requirements and how much assistance you qualify for.”
As a guide, consider the following programs to help retirees conserve accommodation this year.
Lodging vouchers granted under Section 8
Are you looking for a place to live or a solution for rent payments? You will undoubtedly find Section 8 housing vouchers useful. This government support program aims to facilitate access to housing for those with low incomes (families, seniors and individuals with disabilities).
Recipients are free to decide the place where they wish to live, to the extent that it meets the program’s conditions. In addition, the choice is not limited to a unit in an assisted housing project. So, no matter what type of home you want to live in, be it a one-family house, townhouse or apartment, the decision is yours.
The landlord of the selected unit must approve the unit’s rental through the program.
“Housing assistance is provided to the property owner directly on behalf of eligible older persons,” said Eros. “To qualify, an individual must be a U.S. citizen, and the family income must be less than 50% of the median wage for the area.”
Public real estate agencies must award a 75% voucher to eligible applicants that have financial resources of 30% or less of the average income for the area. To determine the amount you are eligible for, complete the online application[2].
State Housing Loans and Grants
Elderly Mortgage Assistance in Florida
Launched in 2013 by the Florida Housing Finance Corporation, the purpose of the Elderly Mortgage Assistance Program is to ensure that older adults do not lose their homes. In fact, it allows them to collect up to $50,000 in forgivable loans over two years.
This money can be spent on expenses such as:
● Homeowner’s insurance;
● Property taxes;
● Homeowner or condominium association dues;
● Flood insurance.
The elderly must have encountered financial hardship resulting from medical expenses or unemployment to be eligible. These circumstances must have resulted in the non-payment of charges. In addition, they must earn less than 140% of the area’s average wage and be financially able to meet future property expenses.
Financial Empowerment for Ohio Seniors
Elderlies with limited to moderate incomes have the opportunity to apply for the Senior Property Tax Loan. This loan, for up to $6,500, is designed to pay overdue property taxes and prevent foreclosure. To qualify, seniors must own a home and be at least 55 years old in the county of Cuyahoga, Ohio.
To date, the program has awarded more than $80,000 to assist these struggling individuals[3].
Energy Assistance for Low-Income Homes
A senior citizen should never feel worried about their ability to handle their utility bills. Under the Low Income Home Energy Assistance Program (LIHEAP), these individuals can be given assistance to cover their home utility needs.
This program provides funding for expenses such as utility bills, emergency energy situations, weatherization, and minor home repairs related to electrical consumption. The department does not distribute grants directly to households.
To determine if you are eligible for the LIHEAP program, speak with a local provider in your region. They will check to see if you fall within the designated population, which may differ depending on your location[4].
Reducing housing costs through online searches
There are many options for seniors regarding lodging affordability. Various programs are in place, from rent payments to lighting to necessary repairs to help low-income seniors.
To obtain financial assistance, take the steps online. You’ll discover different funding programs for your particular needs. Learn about the requirements to determine if you are eligible or speak to a representative to get more information.
Individual Housing Repair Assistance – Loans and Grants
Do you own a home and are you a low-income senior? You may be eligible for loans and grants used to repair single family dwellings.
Otherwise known as the 504 Home Repair Program, the purpose of this government program is to provide financial support to homeowners who repair, upgrade or improve their homes. Loan recipients can also use the money to mitigate potential health and safety risks. The maximum loan amount is $20,000, repayable over 20 years at a fixed rate of 1%[5].
Seniors may qualify for a grant, which often does not have to be repaid. In many instances, the grant money needs to be spent on addressing the health and safety risks of the property. A grant of up to $7,500 may be awarded to you. The budget only has to be paid back if your property is put up for sale in under three years[6].
If you don’t want to use your retirement money to pay for needed home improvements, you may want to consider the 504 Home Repair program. To be eligible, you must own and currently live in the home. Those who cannot get acceptable credit elsewhere and have a household income lower than 50 percent of the regional median income.
Older adults may qualify for a loan or grant any time of the year. Those seeking a subsidy must be 62 years or older and unable to pay off a repair loan.
Find out what information applies to your area specifically by conducting research online.
