$1* Buys $100,000
Globe Life Insurance
Free Quote—Apply in Minutes
Fast Approval Process
$2.17 for Children or Grandchildren
How To Choose Low Income Housing For Seniors
Knowing whether or not you should downsize homes as a senior or remain in the home you already own can be confusing. Many housing programs are now available for seniors and knowing your options can help you decide which option is the best one for your budget and needs.
- HUD Housing Choice Vouchers. This is a government program formed by the U.S. Department of Housing and Urban Development (HUD). Previously known as Section 8 housing, this program offers rental subsidies to seniors, disabled and low income families.
To qualify for this program, your annual net income cannot exceed 50 percent of the median income for your area. You may also qualify for additional deductions based on age, medical expenses or any disability you may have.
You can find out if you qualify for this state program by visiting the HUD Income Limits website. You can also contact your local Public Housing Agency (PHA) to apply for the HUD Housing Choice Vouchers. However, it will be necessary for you to provide references who can attest that you will be a good tenant, as well as provide your birth certificate, tax records and banking information. If you are not a U.S. citizen, it will be necessary for you to provide legal residency evidence.
Although there is no time limit on how long you will be able to use the housing vouchers, your qualifications will be continually re-evaluated as long as you are in the program.
- USDA Affordable Rural Housing. The United States Department of Agriculture (USDA) provides subsidies to more than 15,000 apartment complexes through its Section 515 Multi-Family Housing (MFH) program. This program includes housing specifically for seniors, as well as families. Housing sizes range from studio apartments to four bedroom homes, and are located in rural areas in all 50 states, Puerto Rico, Guam and the Virgin Islands.
Income limitations apply and vary by state. To learn more about the properties and income restrictions in your area, you can visit the USDA MFH website to learn more. You will also be able to view photos of the property and housing available and apply for the housing.
- FHA Reverse Mortgages. The Federal Housing Administration (FHA) offers the Home Equity Conversion Mortgage (HECM) program, also known as reverse mortgages. This government-sponsored program has been in existence since 2009. Anyone older than 62 with good equity in their home and the income to maintain the upkeep on the home, may be able to qualify for this program. It is best to work with a trusted (HECM) counselor to help you with any questions regarding fees and benefits of the reverse mortgage program.
- Other Options. If none of these options work for you or you don’t qualify for any of the programs, there may be other options available to you, such as sharing living arrangements with another senior. This type of arrangement may not only be more financially beneficial, but may also provide companionship and make living independently more appealing.
Living with family members may also be a preferable way for seniors to live. It can be more economical and make caregiving more manageable.
You might also be interested in...
- 4 Important Safety Measures For Seniors
- 5 Scams Seniors Should Watch Out For
- 5 Telltale Signs It’s Time To Stop Driving
- 6 Sports Seniors Can Enjoy
- 7 Ways To Feel Younger
- Aging In America
- The Best Low Maintenance Pets For Seniors
- Budget-Friendly Vacations with Perks for Seniors
- Can Eating Cherries Alleviate Arthritis?
- How To Choose A Medicare Supplement Plan
- Could You Live On Social Security?
- Does Your Elderly Loved One Need More Care than You Can Give
- Is Your Elderly Parent Feeling Lonely
- Five Health Tips for Men over 50
- Five Health Tips for Women over 50
- Five Tips for Helping Seniors Stay Active
- Helpful Tips for Adjusting to an Empty Nest
- Home Safety Checklist for Single Seniors
- Home Safety Tips for Seniors Living Alone
- How Seniors Can Improve Their Posture
- How Seniors Should Stock Their Kitchen
- How to Be a Good Husband in Retirement
- How to Change Your Life in 10 Days
- How to Do Container Gardening for Seniors
- How to Find Happiness in Your Senior Years
- How to Grow Easy Houseplants for Seniors
- How To Help Your Senior Parent Stay Mentally Healthy and Happy
- How to Simplify Housekeeping for Seniors
- How to Stay Looking Sharp for Senior Men
- The Importance Of Keeping Seniors Hydrated
- Is Chiropractic Care Safe For Seniors?
- Is Long-Term Care Insurance Necessary
- Patio Gardening For Seniors
- Preparing For Retirement
- Pros and Cons of Living in a Retirement Community
- How To Protect Seniors Against Identity Theft
- Senior Life Insurance Pays for Funeral Costs
- Senior Summer Safety
- How Seniors Benefit From Adopting Senior Pets
- How Seniors Can Decorate With Unique Framed Art
- Seniors & The Social Life
- Seven Power Foods for Seniors
- Tips for Seniors: How to Upgrade Your Bed for a Better Night's Sleep
- Tips For Seniors On Improving Your Immune System
- Tips for Seniors on How to Stock a Gift Drawer
- Top Travel Safety Tips for Seniors
- Understanding Medicare Part D Plans
- Reasons Why An Elderly Loved One May Not Be Eating
- Why Seniors Need The Flu And Pneumonia Vaccines
- You Won't Believe How Easily You Can Stall Aging
- How To Choose Low Income Housing For Seniors
- 8 Unique Gifts For Seniors
- Activities For Senior Citizens
- 7 Winter Safety Tips For Seniors
- 5 Questions To Ask When Considering A Continuing Care Retirement Community
- How Long Should You Wait To Claim Social Security
- Signs And Symptoms Of A UTI In Seniors
- How To Deal With The Emotions Of Retirement
- How To Help Seniors Fight Depression
- How Seniors Can Save More Money
- What Services To Expect From Assisted Living Centers
- How To Live A Long Life
- Top 3 Dental Risks For Seniors
- Choosing The Right Assisted Living Facility
- Different Ways To Ease Knee Pain
- Why Assisted Living Centers Allow Pets
- 4 Surprising Health Hazards You May Have In Your Home
- 5 Mental Exercises To Increase Happiness
- Why Seniors And Caregivers Need To Laugh More
- How To Reverse The Effects Of Arthritis
- 6 Exercises That Won’t Hurt Your Joints
- Driving Safety Tips For Seniors
- 4 Natural Ways To Combat Feeling Dizzy
- Senior Life Insurance is a Worthwhile Investment
- Tax Breaks Every Senior Should Know
- How To Make Money During Retirement
- 5 Phone Scams Targeting Seniors Now
- How Technology Can Keep Seniors Safe
- How To Not Go Wrong When Choosing A Nursing Home
- Disaster Checklist For Seniors
- How Visiting Seniors Often Can Keep Them Healthier
- How To Make A Senior’s Day
- Internet Safety Tips Every Senior Should Know
- 5 Ways To Strengthen Aging Bones And Muscles
- How Senior Yoga Can Be A Lifesaver
- Live Longer By Volunteering
- Managing Pain For Seniors
- 6 Everyday Ways For Seniors To Stay Active
- Bad Habits That Make You Age Faster
- Fall Prevention For Seniors
- 6 Ways For Seniors To Budget For Life Insurance
- Summertime Resources For Seniors & Caregivers
- 5 Simple Ways Seniors Can Get Free Help
- Navigating Ride Programs for Seniors
- What’s Preventing You from Receiving Medicare Supplemental Insurance?
- Can You Outlive Your Life Insurance?
- Medicare Part B Plus Medigap vs a Medicare Advantage Plan: Which is better?
- 3 Things to Know about Senior Life Insurance
- Do Medicare Supplement Plans Cover Pre-existing Conditions
- What is Final Expense Insurance and Who Should Buy It?
- Does Medicare Pay for Prescriptions?
- Advocating for a Hospitalized Parent or Grandparent
- How Do You Choose the Best Medicare Coverage?
- Key Signs it’s Time to Get In-Home Care or Move to an Assisted Living Facility