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I'm 36 years old: can I get a grant to remodel my family home?

asked 2015-06-16 13:29:06 -0800

paralyzed78 gravatar image

updated 2015-06-18 16:27:31 -0800

Nancy gravatar image

I stay in an apartment and have little space to move around. My grandmother's home is now vacated. I'm trying to get help fixing it up.

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answered 2015-06-18 16:36:02 -0800

Daniel gravatar image

As we have mentioned elsewhere, though there are lots of programs and help for home repair, no such grants exist specifically for remodeling homes. Unless such remodels are required for the health and safety of the occupants (especially if they are seniors or disabled), they are not covered by any assistance or charitable programs.

A couple of options:  you might be able to find a loan at a reasonable rate by answering a fairly detailed questionnaire on govloans.gov ( a government website).  If your grandmother's home is all paid for --- and if she is the owner -- then she could probably get a home equity loan at a reasonable rate. Or, if she has substantial equity in the home, then even if it is not paid off she might qualify for a "Reverse Mortgage" --- this is a mortgage where the bank pays the owner, rather than the other way around.  And finally, your grandmother might be able to refinance the home and take cash out in the process and get a new mortgage at a very attractive, low rate. That would be thanks to the HARP program, and you can check out her HARP eligibillity here.

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