Housing Costs for Seniors: Resources and Solutions for Financial Relief

Manuel Simonis
Published Aug 26, 2024


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.

-

Find programs that help with rent by signing up here

Related Articles

A New Shift in Rental Assistance: Cash Over Vouchers...

In an innovative move, the U.S. government is contemplating a significant shift in its approach to rental assistance for low-income families. Traditionally reliant on housing vouchers, the proposal is to test a more di...

HUD's $10 Million Grant Initiative: A Bridge to Homeownership for Underserved Communities...

The U.S. Department of Housing and Urban Development (HUD) has recently ignited a beacon of hope for underserved communities by announcing $10 million in grants, specially earmarked...

How Rental Assistance Programs Impact Landlords and Housing Markets...

Rental assistance programs play a crucial role in the ecosystem of housing, especially for low-income families.  These programs not only provide needed support to renters but also have significan...

Federal Government allocates $12.7 million for Foster Youth Housing Assistance...

HUD has announced a funding opportunity of $12.7 million for public housing authorities through the Foster Youth to Independence (FYI) program. This initiative aims to assist young adults tran...

The Federal Government is Boosting Energy Efficiency in Homes to Save Money and the Planet...

In a spirited collaboration, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture (USDA) have taken a bold step forward by updating the...

Advocating for Affordable Housing: How to Make Impactful Change...

In communities across the globe, the challenge of securing safe and affordable housing continues to grow, pressing individuals and organizations to seek innovative solutions and advocate for meaningful chang...