Low-interest home equity loans will help seniors age in community
Application forms are now available for senior homeowners looking to repair or modify their homes under the Seniors Home Adaptation and Repair Program.
The program provides a low-interest, home-equity loan to eligible senior homeowners to finance needed repairs or adaptations that will help them remain independent in their own homes. Seniors could use the loan to widen a hallway for better accessibility or to install a walk-in tub or for a wide variety of adaptations or repairs.
The Seniors Home Adaptation and Repair Act, passed by the government in April, will support the new program. It includes measures to protect consumers, including a provision to review whether the costs of repair projects are reasonable.
“This program will allow seniors to age in community where they want to be, with their loved ones. I am pleased to say that we already have a waiting list for our new program and we expect many of these projects to be underway soon.”
“Seniors United Now believes that this program will help more seniors remain in their homes for a longer period of time. Seniors remaining in their communities for as long as possible is a positive result for seniors, their families and for Alberta communities”
Under the program, a maximum loan of $40,000 will be available to seniors with an annual household income under $75,000. Seniors must also have a minimum 25 per cent equity in their homes. Low-income seniors who do not qualify under the loan program may still be eligible for a grant to help pay for essential home repairs.