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Financing Strategies for Supporting Aging in Place Diane Sprague (8/6/04)

Your Housing Partner of Choice. Financing Strategies for Supporting Aging in Place Diane Sprague (8/6/04). We are committed to meeting Minnesotans’ needs for decent, safe, affordable homes and stronger communities.

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Financing Strategies for Supporting Aging in Place Diane Sprague (8/6/04)

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  1. Your Housing Partner of Choice Financing Strategies for Supporting Aging in Place Diane Sprague (8/6/04) We are committed to meeting Minnesotans’ needs for decent, safe, affordable homes and stronger communities 651-296-7608 * 800-657-3769 *TTY 651-297-2361 www.mhfa.state.mn.us

  2. Take in a renter, "homeshare" $$s for mortgage, taxes, repairs, etc. X $$s for safety/ accessibility modifications X $$s for short-term services X X $$s for long-term services Self-fund (e.g., savings, investments, trusts, etc.) X X X X Family contributions X X X ? (depends on how sustained) Volunteers, donations X X X ? (depends on how sustained) Grants for services (e.g., MA Waivers) X X X Repair grant or “deferred" loan X X

  3. "Paying" loan $$s for mortgage, taxes, repairs, etc. $$s for safety/ accessibility modifications $$s for short-term services $$s for long-term services • Refinance existing (primary) mortgage X X X  ? (depends on value involved) • New (primary) mortgage X X X ? (depends on value involved) • Home improvement loan (instalment lending – second mortgage) X X • Personal loan (instalment lending -- unsecured) X X X • Equity line of credit X X X  ? (depends on value involved)

  4. Federal income tax deduction - accessibility modifications $$s for mortgage, taxes, repairs, etc. X $$s for safety/ accessibility modifications $$s for short-term services $$s for long-term services Property tax deferral (e.g., "This Old House") X ?(depends on impact on value) Property sale/ leaseback X X ? (depends on value involved) Life estate Reverse mortgage X X X ? (depends on value involved) Others?

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