3 ways older adults can fund a home project
For seniors that want to age in their own home, a major concern can be the affordability of remodeling or adding accessories to make the home safer. Fortunately, there are a few sources that can help fund home modifications for seniors:
Please note: Medicare will not usually pay for remodeling projects.
However, Medicare will sometimes pay for devices that promote safe living. For example, Medicare may pay for a device that is medically necessary or safety-enhancing such as a stair lift. In some instances, Medicare will pay for a device but not for installation. Overall, it is worth considering the assistance Medicare may provide, but very important to keep an eye on the details of their coverage.
2. State Programs
In many states, there are programs designed to financially assist seniors. Visit payingforseniorcare.com to see what may be available in your area.
3. Reverse Mortgage
Please note: Be sure to contact a financial expert if you are considering this option.
For seniors that are "house rich but cash poor" a reverse mortgage may be an option to pay for important safety-enhancing home renovations.
Source: “Three Ways to Fund a Home Remodel.” Caregiver Stress, www.caregiverstress.com/senior-housing/home-your-own-way/three-ways-fund-home-remodel/.