5 Ways Retirees Can Upgrade Their Homes Without Using All Their Savings

• Author: Miguel Waters
• Posted: 2024-12-05

When you retire, you might find yourself spending more time at home than ever. This is a great time to think about making your home more comfortable, especially to fit your needs as you get older. 

For example, you might want to make doorways wider or add a ramp. Some of these changes can be expensive. Widening a shower might cost around $5,000, adding a ramp about $1,100, and putting in an elevator could be as much as $45,000.

But how can you afford these changes without using up all your retirement money? Thankfully, there are grants and funding options available, especially for seniors with limited income. 

Here's a look at some helpful programs:
 

1. USDA Rural Development Housing Repair Loans and Grants

The USDA offers loans and grants for homeowners 62 and older living in rural areas. You must live in the house and have a low income to qualify. 

You could get up to $40,000 in loans or $10,000 in grants for home improvements that make your house safer and more accessible.
 

2. Weatherization Assistance Program

The U.S. Department of Energy's program helps low-income families save energy. Your income needs to be at or below 200% of the poverty line to qualify. 


Though it's a federal program, you apply through local agencies. This program can help make your home more energy-efficient.
 

3. Habitat for Humanity’s Home Repair Program

This program supports low-income homeowners but isn't limited by age. Your income should be no more than 80% of your area's median income. 


Grants and loans can cover a range of repairs and modifications from plumbing work, heating systems, to accessibility features like ramps.
 

4. Home Improvements/Structural Alterations for Veterans

These grants assist U.S. veterans or servicemembers needing home modifications for medical reasons or to improve accessibility. 


This could include making the entrance and bathroom easier to use or upgrading heating systems.
 

5. Specially Adapted Housing Grant For Veterans With Disabilities

Veterans with significant service-related disabilities may qualify for this grant. It's designed for those who have lost limbs or have certain levels of visual impairment, among other conditions. 

Eligible veterans could receive up to $117,014 as of 2024.
 

Additional Advice

Don't forget to check for more funding options at the state and county level. You'll need to show proof of income, age, and homeownership, among other requirements, for most of these grants. 

Always read the eligibility criteria carefully before applying.

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