Costs & Paying for Livability Services
There are a number of ways that individuals and their families can pay for the services provided through Livability. We will work with you and your loved ones to determine the best way for you to afford the expenses associated with home modification.
Useful Tools
Long-Term Care Planning Tool from Medicare.gov helps calculate how much you can expect to pay for long-term care, and what services and financing options are available to support your long-term care needs.
BenefitsCheckUp is the nation's most comprehensive Web-based service to screen for benefits programs for seniors with limited income and resources.
Eldercare Locator helps seniors find local agencies, in every U.S. community, that can help them and their families access home and community-based services like transportation, meals, home care, and caregiver support services.
Reverse Mortgage
A ‘Reverse Mortgage' is essentially a loan that is paid to the homeowner by the lender. This loan allows homeowners, aged 62 and older, to convert a percentage of their home equity into cash, but remain in their home as long as they need or wish to. There are no income requirements, unlike traditional mortgages, and borrowers are not required to make loan payments as long as they (or their spouse) live in the home as their main residence. The loan becomes due when the last borrower either moves out of the home or passes away.
Home Equity Loan
This type of loan allows a homeowner to borrow money using the equity in their home as collateral. These loans are often used to help finance major home repairs and renovations. A home equity loan creates a lien against the borrower's house, and reduces actual home equity. A home equity loan is sometimes referred to as a second mortgage or borrowing against one's home.
Tax Credits
- Contact us for information on North Carolina tax exclusions and benefits.
- Information on Federal tax breaks and credits for Senior Citizens
Long-term Care Insurance
Individuals who can afford to put aside personal income to pay private insurance premiums over a number of years might choose to incorporate long-term care insurance in their Aging-in-Place strategy. Comprehensive policies pay for help at home, in an assisted living facility, or a nursing home, and can cover sizable long-term care expenses. In order to qualify, however, an individual must be in good health; an existing serious health condition may impact whether or not you are insurable. In addition, lapses in premium payments can result in loss of coverage.
Department of Veterans Affairs (VA)
Veterans with service-related disabilities, low-income, and former P.O.W.'s (Prisoners of War) may be eligible for long-term care benefits through the VA. While they primarily provide nursing home care, they may also pay for respite care, a homemaker, home health aide, and adult day care, all of which can help cut down on out of pocket costs. Visit the VA's web site for details
Medicaid & Other Government Benefits
Medicaid is a government funded program that provides health insurance and long-term care coverage for people with very low income, little or no assets, or are no longer able to afford the cost of care. In order to receive in-home assistance, the recipient must have a serious physical or mental condition. In addition, the state government will try to recover the money spent on care from the beneficiary's estate after he or she passes away. Learn more about Medicaid and other government benefit programs
USDA Grants Program
There are two programs through the USDA, catered towards individuals and families with low-income and bad credit histories, that can provide them the resources to either buy a new home or repair or modify their existing home.
Direct Loan Program (Section 502)
Through the Direct Loan program, individuals or families receive direct financial assistance in the form of a home loan at an affordable interest rate. Most of the loans made under this program are to families with income below 80% of the median income level in the communities where they live. Direct loans may be made for the purchase of an existing home or for new home construction
Home Repair Loan and Grant Program (Section 504)
Families who own their own home, but have very low income, may qualify for the Home Repair Loan and Grant Program, which offers loans and grants for renovation. The Home Repair Program also provides funds to make a home accessible to someone with disabilities. Some examples of repairs that could be covered include: funds to repair a leaking roof, to replace a wood stove with central heating, to construct a front-door ramp for someone using a wheelchair, or to replace an outhouse and pump with running water, a bathroom, and a waste disposal system. Home improvement grants are available to homeowners 62 years and older. Other low income families and individuals receive loans at a 1% interest rate directly from HCFP.
Private Home Sale
In some cases, an individual's primary residence may no longer be the most suitable for a live-at-home arrangement. Selling the home and relocating to a smaller or safer residence (generally a single-level house) can provide additional cash to help offset the cost of modifying the home in order to accommodate an Aging-in-Place lifestyle.
