Whether you decide to sell your home and move on, or remain in it, you may qualify for programs that can help reduce your expenses. Many seniors who qualify never apply, because they do not know the programs exist.
Your SRES® may be able to direct you to community, government and private programs designed to provide additional financial assistance. Many senior agencies can be found on the Internet, but your SRES® can save you time by supplying you with contact phone numbers.
Some examples of assistance that might apply are:
- Supplemental Security Income (SSI), a program administered by the Social Security Administration. Designed for Americans over age 65 who meet certain income and savings guidelines, it provides monthly cash benefits to augment existing income. Learn more about SSI or call (800) 772-1213.
- Those who qualify for SSI may also be eligible in some states for additional state supplements and other public benefits.
- Benefit programs exist to help seniors with medical and prescription costs. AARP's Web site is an excellent resource for finding programs, or call AARP at (888) 687-2277.
- Many states offer property tax relief for seniors remaining in their own homes. For more information, contact your local property tax office.
- To find information on other programs that help with expenses such as utility bills, home weatherization, home health care, transportation and food, you can contact the U.S. Administration on Aging at (800) 677-1116; the National Council on the Aging; and AARP. Canadian seniors can contact CARP or (888) 363-2279. Taking a reverse mortgage may impact your eligibility for certain programs. Talk to your reverse mortgage counselor about how it might affect your situation.
Taking a reverse mortgage may impact your eligibility for certain programs. Talk to your reverse mortgage counselor about how it might affect your situation.