Seniors eligible for low-interest home repair loans

by Morinville News Staff

Eligible seniors can now borrow up to $40,000 in low-interest loans to help them stay in their homes longer. Application forms for the Seniors Home Adaptation and Repair Program are now available.

The government says the program will help eligible senior homeowners finance needed repairs and renovations that will help them remain independent, including widening hallways and installing walk-in tubs.

“This program will allow seniors to age in community where they want to be, with their loved ones,” said Lori Sigurdson, Minister of Seniors and Housing in a release Monday.”I am pleased to say that we already have a waiting list for our new program, and we expect many of these projects to be underway soon.”

Gordon Voth, President, Seniors United Now (SUN) said his organization believes the program will help more seniors remain in their homes for a longer period.

“Seniors remaining in their communities for as long as possible is a positive result for seniors, their families and for Alberta communities,” Voth said.

Under the program, Seniors with an annual household income under $75,000 will be eligible for a maximum loan of $40,000. Seniors must also have a minimum 25 per cent equity in their homes. Despite the requirements of the program, low-income seniors who do not qualify for the loan program may still be eligible for a grant to help pay for essential home repairs.

The Seniors Home Adaptation and Repair Act was passed in April and includes measures to protect consumers, including a provision to review whether the costs of repair projects are reasonable.

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