How to Pay for Home Modifications

But many older adults find that their homes simply haven’t kept pace with their changing bodies. Stairs, uneven flooring, and other common hazards become genuine dangers for those dealing with reduced mobility or sensory changes. The consequences can be severe. According to the Centers for Disease Control and Prevention, falls are the leading reason seniors visit the emergency room—and more than half of those falls happen at home.

We know that simple modifications can help older adults stay in the homes they cherish. At the same time, seniors are often on a fixed income. They may not have enough money to fund these types of home repairs. It’s unfortunately ironic that without these modifications, seniors could be forced to move to an independent or assisted living community at a far higher cost than staying at home.

The good news is that there are several ways that older adults can finance the type of home repairs that ensure their homes remain safe to age in place. Here are some of the main options older adults can explore.

Government and nonprofit programs: The most well-known federal option is the USDA’s Section 504 Home Repair program, which offers loans and grants to low-income rural homeowners for repairs and accessibility modifications. Many state and local governments run similar programs, and Area Agencies on Aging (AAA) are often the best first call, as they can connect seniors to local resources that aren’t widely advertised.

Home equity options: Homeowners who have built up equity have more than a few options. A home equity line of credit or home equity loan can fund renovations at relatively low interest rates. A reverse mortgage lets homeowners 62 and older convert equity into cash without monthly repayments, though these come with fees and complexity that warrant careful consideration.

Medicaid home and community-based services: For those who qualify, Medicaid waiver programs in many states will cover certain home modifications when they help a person avoid more costly institutional care. Eligibility and covered modifications vary by state.

Veterans benefits: The VA offers several grants for disabled veterans, including the Specially Adapted Housing grant and the Home Improvements and Structural Alterations grant, which can fund accessibility-related modifications.

Nonprofit and community organizations: Don’t discount neighbors helping neighbors. Groups like Rebuilding Together provide free home repairs and modifications to low-income seniors through volunteer labor. Habitat for Humanity affiliates also run aging-in-place repair programs in some areas. Local community foundations and faith-based organizations are worth looking into as well.

Private financing: For those who don’t qualify for assistance programs and prefer not to tap into their home equity, personal loans or contractor financing can cover smaller modifications. Some states also have Property Assessed Clean Energy programs that finance home improvements, including certain safety upgrades, repaid through property tax assessments.

A good starting point for most people is contacting their local Area Agency on Aging, since navigating all of these options alone can be overwhelming. The most important thing older adults and their families can do is explore these options before a crisis forces their hand. Small, proactive changes are far less disruptive and expensive than an emergency renovation or, worse, a premature move out of a home someone wasn’t ready to leave.