Making upgrades to your home can improve its safety, but these types of upgrades aren't always cheap. If you're avoiding these upgrades due to the cost, keep in mind funding options are available. These funding options can make some projects more affordable.
Weatherization Assistance Program
The Weatherization Assistance Program is available for households with incomes below a certain threshold. This program provides services to help improve their home's energy efficiency and safety regarding heating, cooling and electrical usage. This program can also be used to replace older, less efficient and potentially unsafe appliances with new ones.
Home equity loan
A home equity loan lets you use the equity you've built up in your home to pay for home safety improvements. Keep in mind the amount you can borrow depends on how long you've owned your home, since equity builds up over time. You can choose between a lump-sum home equity loan, which typically has a fixed interest rate or a revolving line of credit.
A revolving line of credit allows you to use funds anytime you need it, which is helpful if you're planning to do multiple projects in the near future. This type of home equity loan typically has an adjustable interest rate.
FHA 203K Loan
This type of loan can be used to cover the cost of home repairs needed to improve safety. For example, you might use this loan to replace an old and worn roof or to replace corroded pipes or outdated wiring. You'll need to meet certain requirements to qualify for this type of loan.
Grants
Grants are available to help eligible homeowners make safety improvements to their home. Some of these grants include the VA Specially Adapted Housing Grant, HUD Community Development Block Grant Program and HOME Investment Partnerships Program. These grants are only available to those who meet certain requirements, such as income levels. Keep in mind only a limited number of grants are typically available.
Financial assistance for seniors
Some programs provide financial assistance for seniors who need to make upgrades to their home to improve safety. For example, the Area Agencies on Aging offers funding for modifications and repairs for older Americans, which helps ensure seniors can live in safe housing.
About the Author
Diana Hellman
Diana Hellman's passion for Larchmont inspires her more than 20 year real estate practice. As a certified buyer's representative, "The development of a solid and trusting relationship with my buyers and sellers is what I strive for." This success, primarily built on client referrals and repeat business, comes from her knowledge of what makes Larchmont unique: it's school system, recreational facilities, services and the special qualities that pervade this village's atmosphere. A former educator with a background in psychology, Diana knows that people don't want a sales pitch, but rather reliable, timely information. She and her husband have been residents of Larchmont for over 40 years. Her 3 children have attended the Mamaroneck Public Schools. She can give you expert advice with the sale or purchase of your home. Awards/Distinctions Multi-million dollar club- Westchester Board of Realtors International Diamond Society (8 million plus in sales), 5-Star agent in 2024. Gold Award- WBR (5-8 million dollars in sales) Silver Award – WBR (3-5 million dollars in sales) Memberships National Association of Realtors New York State Association of Realtors Westchester Board of Realtors Westchester Multiple Listing Service Community Former executive board member of the Central School Former selection school delegate for election of school board candidates Former executive board member of the Friends of the Emelin Theatre Former executive board member of the League of Women Voters