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Older Americans represent one of the fastest growing segments of the country’s population. According to the AOA (Administration on Aging), there were over 46 million Americans over the age of 65 in 2014 which is about 15% of the population. This number is expected to grow even more in the next few decades. By 2040, the number of Americans over 65 will be more than 60 million. That number could exceed 150 million by the year 2060.
These individuals rely on a number of sources of income including Social Security, pensions, income from assets as well as wages. While some Americans dream of reaching retirement age and are prepared for it, not every older person is as financially prepared for their twilight years as they wish they were.
Many senior citizens have fixed incomes and limited financial resources. The average income of those 65 and older is only $22,000 annually. 15% of all these older Americans subsist on incomes of less than $10,000 each year.
Aging People, Aging Homes
In addition to living on fixed incomes, many older Americans also live in aging homes which may be in need of repairs. Even if their homes are in good repair, accidents can happen. Pipes can burst, appliances can stop working, or an HVAC unit may need suddenly replacing. This leads to unexpected expenses.
For those seniors with little extra money to spend on their houses, they may be left asking themselves, “Where will I find the cash for home repairs?” In this article we look at some ideas for home repair loans for seniors.
Federal Loans for Home Repairs
The federal government offers financial assistance through the Very Low-Income Housing Repair Program. Federal grants and home repair loans for seniors are available to those aged 62 and older. Seniors also need to meet certain eligibility requirements (income limits and living in an eligible area) to be able to access these funds. For more information and resources from the federal government regarding these grants and loans, click here.
State Loans for Home Repairs
State governments may also make resources available to older Americans who need money to cover costly home repairs. In addition, programs exist at various levels which are specifically geared toward older residents. Local, state, or county programs may exist to help seniors with home repairs and improvements. Nonprofits may also offer financial assistance to qualified seniors. Contact your local Housing and Urban Development office to learn more about programs in your state. Or check your county or town’s website for information.
Weatherization is the process of evaluating a home’s energy efficiency to determine how it can be improved, and then making those improvements. The US Department of Energy makes weatherization grants available those who improve the energy efficiency of their homes. This makes it possible to cut costs on supplies that may also help you save on heating and cooling bills.
Each state administers its own weatherization programs to help make homes more energy efficient. In most states, those 60 and older may qualify for financial assistance for weatherization. Click here to learn more about weatherization programs in your state to see what you qualify for.
Personal Loans for Home Repairs
If you live in an area in the United States without easy access to weatherization programs, nonprofit help, or other forms of financial aid for home repairs, there are still options. For these older Americans who may not have access to these programs and may not qualify for grants, loans, or other forms of assistance, taking out a short-term home repair loan could be a good option.
Grants and more traditional home repair loans for seniors may require lots of paperwork and red tape. But if you have a burst pipe that needs fixing today, you may not have the luxury of waiting for approval. When you apply for certain types of online loans, you could be approved today and have the cash in your bank account as soon as the next business day.
Getting a Home Repair Loan for Seniors
Short-term loans, like the ones offered by LoanStart.com’s affiliate lenders, allow you to borrow money for whatever your need may be. We match potential borrowers with lenders who can get you the money that you need for repairs and upgrades to your home. You may be eligible for hundreds or thousands of dollars (the actual amount you receive depends on the amount offered by lenders).
If you are an older American who needs money for your home, click here to fill in our secure, simple online loan request form. Get your home repair loan today so you can get started on the work your home needs.