Housing Costs for Seniors: Resources and Solutions for Financial Relief

Housing is the most significant expense for adults over the age of 55, taking up a large portion of their budgets, as seen in the Consumer Expenditure Survey. 

Before the pandemic, close to 10 million seniors were finding it difficult to manage their housing costs, a situation that has likely worsened with the rise in inflation and rent prices.

Whether you own your home or rent, numerous resources are available to help ease the financial burden of housing.
 

Getting Immediate Assistance

If you’re struggling with rent payments, the HOPE™ Hotline at 1-888-995-HOPE (4673) provides free counseling and guidance for renters. 

Their team offers personalized assistance, helping you understand your options and connecting you to a range of resources at local, state, and national levels. 

It’s important to note that while the HOPE Hotline doesn’t provide direct financial aid or manage rental assistance programs, their expertise can be invaluable in navigating your situation.
 

Finding Rental Assistance

In the wake of COVID-19's economic impact, the government has funded emergency rental assistance in many states. Although many of these temporary programs have ended, you may still find help within your community. 

The Consumer Financial Protection Bureau’s page is a good starting point for locating rental assistance and other bill support such as utilities.
 

Public Housing and Housing Vouchers for Seniors

For lower-income families, older adults, and those with disabilities, public housing offers a subsidized living arrangement. 

Housing vouchers, or Section 8, broaden your choices, allowing for rental aid outside specific housing projects. 

You can check eligibility and apply through your local housing authority or use the HUD website to find apartments and homes with lower rents and landlords accepting housing vouchers.
 

Considering Home Equity

Homeowners can explore using their home equity to maintain their living situation. Home equity, the difference between your home’s value and any outstanding mortgage, can be tapped through a line of credit or a loan, providing a financial cushion. 

It's crucial to weigh the pros and cons, as these options involve borrowing against your home and require repayment over time.
 

Is a Reverse Mortgage Suitable?

For homeowners 62 and older with significant equity in their homes, a reverse mortgage offers a way to convert this equity into cash without the need for monthly repayments. 

The loan only becomes due when you move out or fail to meet the residence's obligations. However, reverse mortgages are not for everyone and are best considered if you plan to stay in your home long-term.
 

The Benefits of Home Sharing

Older adults with extra space in their homes might find home sharing a mutually beneficial solution. Renting out a room provides additional income and companionship. Organizations like Silvernest and Senior Homeshares can help facilitate safe and compatible matches.
 

Exploring Additional Resources

If housing remains a challenge, other programs might ease the financial strain by covering different expenses, freeing up more of your budget for housing.

Remember, numerous paths exist to manage and mitigate the burdens of housing costs in later life. Exploring available resources can open doors to support and solutions that ensure a stable and comfortable living situation.

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