Airdrie seniors looking to age in their homes can now take advantage of a new low-interest home equity loan program intended for renovations and repairs.
The program, dubbed the Seniors Home Adaptation and Repair Program (SHARP), will offer maximum loans of $40,000 to seniors with an annual household income less than $75,000. Seniors must also have 25 per cent minimum equity in their homes, according to Alberta Seniors and Housing Minister Lori Sigurdson.
“Since I’ve been (Minister), I’ve travelled across the province and seniors have told me repeatedly they want to stay in their own homes,” Sigurdson said. “They may have some mobility challenges and other challenges, or feel like they don’t have the income they need to be able to invest in renovations or adaptations to their home so they’re looking to go to a care facility. But that’s not really where they want to be.”
Seniors who apply for the loan are not required to make monthly re-payments, but will be required to repay the loan with interest when the home is sold or moved out of. Currently, the interest rate is set at 2.7 per cent.
“This is not only about safety, it’s also about people who want to be where they have lived for many years,” Sigurdson said. “The communities they know and love, their home and their yards. They’ve created so many memories.”
Carol Borschneck, chief administrative officer of the Rocky View Foundation – an organization that operates an independent living facility in Airdrie – said the grants could help those seniors seeking to stay in their homes.
“It’s a big decision to leave one’s home. For some folks, if they can renovate and stay in their homes’ safely, that could still be a good option,” she said.
Low-income seniors who do not qualify for loans may be eligible for a grant program to pay for essential repairs, according to Sigurdson. Grant applications will be reviewed by the government prior to approval to ensure the costs of projects are reasonable.
“Staying in one’s home and community as long as possible is a valuable asset for seniors to retain their dignity, independence and overall health and wellness,” said Charlett Hedman, seniors’ outreach co-ordinator with North Rocky View Community Links in an email to the Airdrie City View. “All programs and resources that provide for safety, adaptations and repairs to keep seniors in their homes as long as possible has positive value.”
For more information on the program, visit seniors-housing.alberta.ca
