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Financing a remodel for a disability

Financing a remodel for a disability can be overwhelming. Here are some resources to get you started.

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There are multiple ways for financing a remodel for a disability. Photo by nikcname on Flickr.Remodeling a home is one of the best ways to help people stay in their homes after they develop vision issues, hearing loss, cognitive disabilities and other health issues. Unfortunately, financing a remodel for a disability is one of the biggest concerns people have when they're faced with this type of residential renovation project.

If accommodating disabilities makes it necessary to remodel your home, you may be able to qualify for one of several financing programs. These programs make it possible to pay for a residential remodeling project without dipping into your personal savings.

Figured how you're going to finance a remodel for a disability? Connect with contractors for free quotes!

Second mortgage

If you do not have enough cash on hand, you may be able to get a second mortgage to complete your remodeling project. When you take out a second mortgage, the lender puts a second lien on your home. You typically receive all of the money from a second mortgage at one time, so this method is ideal for financing a remodel for a disability.

As with a first mortgage, the interest rate on a second mortgage may be fixed or adjustable.

Home equity loan

Another option for financing a remodel for a disability is a home equity line of credit, which is sometimes called a home equity loan. Instead of receiving all of the money at one time, someone who takes out a home equity loan is given access to a line of credit.

If you open a line of credit, you only pay interest on the money you spend. For example, someone who spends $5,000 of a $10,000 line of credit would only pay interest on the $5,000 used for financing a remodel for a disability.

These lines of credit have adjustable interest rates that fluctuate based on market conditions.


If you do not qualify for a second mortgage or line of credit, talk to your insurance agent about financing the remodeling project. If the disability occurred as the result of an accident, an automobile insurance policy or workers' compensation program may pay for some of the needed home modifications.

Federal and state resources

Your state's Medicaid program may also pay for renovations, especially if the modifications help a disabled person avoid moving into a nursing home or long-term care facility. Medicare will not pay for renovations, even if they are needed for accommodating disabilities.

State and federal agencies are another source of financing for those who need to remodel their homes for a disability. If your community receives funding from HUD's Community Block Development Grants program, funds may be available for home modifications.

Your Area Agency on Aging may also have funds available for this type of remodeling project. Depending on your location, you may be able to get these modification services on a sliding scale or free of charge.

If you live in a rural area, you can also look into the Rural Development Home Repair Loan program administered by the U.S. Department of Agriculture. This program has special guidelines for people over the age of 62, so you may qualify for funds to renovate your home to accommodate a disability.

Once you obtain financing for this type of project, it is important to hire trusted contractors with experience in making disability modifications. If you need help finding a local contractor, use Reply! to connect with contractors. They can give you a project estimate.

Before calling a contractor, research all the possible ways of financing a remodel for a disability. Qualifying for one of these financing options may help you avoid draining your savings account to make needed modifications.

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Photo credit: nikcname via Compfight CC.