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FINANCING

FREQUENTLY ASKED QUESTIONS

WHAT TYPE OF FINANCING DO YOU GUYS OFFER?

Currently, we do not offer in-house financing. However, we have a list of different sources of financing to help you.

Click here to learn more.

HOW FAST CAN I GET FINANCING?

Every organization are different. If you are looking for grants or funding from the government, expect a later wait time. If you are looking for a loan, they typically take a day to a week depending on how fast you can provide them with the required documents.

WHAT ARE THE DIFFERENT PAYMENT OPTIONS?

  1. Agencies- There are several agencies that provide funding for home modification. These agencies include home-health care and insurance companies.

  2. Low Interest Loans - Some organizations, mainly governmental, offer low interest loans for home modifications or guarantee loans so that banks are less restrictive with their lending requirements. These are loans and, therefore, need to be paid back.

  3. Home Improvement Grants - These grants are typically one-time, available for a specific home modification purpose, and do not need to be repaid.

  4. Free Labor - Another form of assistance is free labor to make home improvements. This is commonly offered by non-profit organizations or charities. Materials are not covered. The building of a wheelchair ramp is a common example.

  5. Equipment Loans - Some organizations make free, long term loans of home modification materials. As an example, a portable wheelchair ramp that does not need to be returned until the borrower moves from their home or no longer requires use of it.

MEDICAID HCBS WAIVERS AND HOME MODIFICATIONS

Medicaid is a federal and state insurance program that offers assistance to low income seniors. The program was originally intended to help the elderly who need nursing home level care to afford nursing home care. Now most states have Home and Community Based Services (HCBS) Waivers or offer at-home services through managed Medicaid programs or Medicaid State Plans. These programs provide assistance to help qualified individuals avoid nursing home placement and remain living at home. As such, in many states, they pay for home modifications which increase an individual’s ability to live independently. Each state has different waivers and programs with different eligibility requirements and benefits.

 

See a complete list of Medicaid programs that cover home modifications. Note that in Medicaid-speak, home modifications are often referred to as Environmental Accessibility Adaptations.

OTHER FINANCIAL OPTIONS FOR HOME MODIFICATIONS

Reverse mortgages are an option for home modifications to enable aging in place. However, these only make sound financial sense in certain situations. If the homeowners move from their residence for a period of 12 consecutive months, a reverse mortgage becomes due. Therefore, it only makes economic sense to use a reverse mortgage to make home modifications that will enable a senior (or their spouse) to continue living at home for a minimum of several years. Homeowners should be aware that in some circumstances the cost, or a portion of the cost, of home modifications for the elderly are tax deductible.

Read more about this and other miscellaneous home modification assistance resources.

GIVE US A CALL

Give SPN Construction a call and we can help walk you through a number of options for mobility products and financing!