The Seniors' Home Adaptation and Repair Act gives authority to the Minister of Seniors and Housing to provide low-interest home equity loans to help seniors finance necessary repairs, adaptations...
Description
The Seniors' Home Adaptation and Repair Act gives authority to the Minister of Seniors and Housing to provide low-interest home equity loans to help seniors finance necessary repairs, adaptations and renovations to their homes. A maximum loan of $40,000 is available to seniors and senior couples with an annual total income of $75,000 or less and who have a minimum of 25 per cent home equity in their primary residence. If it is determined that a senior is ineligible for a loan, the Act authorizes the Minister to consider the applicant for a grant to help cover some basic and essential home repairs.