Senior Finances

So you are a senior citizen looking for some finance help.  Well, you’re not alone. The truth is that many seniors have watched their retirement savings erode over the past two years as American’s financial problems spread around the world. Seniors who were once secure in their finances suddenly found themselves living on half their budgets.

Now let’s get the bad news out of the way first. If you are looking for a magic pill that will take all your financial problems away, sorry, look elsewhere. If you need help as a senior, yes help does exist through a combination of private and public programs. But, at the end of the day, it will be your own efforts that get you out of any financial mess you find yourself in.

Here are some ways you can find some financial help.

Housing Voucher Programs

For some families, it is possible to get some government assistance. What this program does is offer qualified families (and persons) rent assistance on government approved rental units. In other words, the government will help to subsidize your rent. It’s not easy to get into this program and it’s not a program for everyone. But, it’s worth visiting for more information about this program.

Reverse Mortgage Programs

RM’s are becoming popular for seniors who do have some sort of home equity and want to supplement their income. What does this mean? If you OWN your own home you have a couple options. The first is to mortgage your home. If you outright own the home, you can take a mortgage on your home and use that money to supplement your income. If you are paying a mortgage on your home but your home has gained in equity, then a reverse mortgage might be something to think about. You take a loan out based on the equity of your home. Keep in mind that only the Home Equity Conversion Mortgage (HECM) is insured by the government, and this loan is only offered through an FHA approved lender.

Loans for Seniors

You may want to look at taking out a specific loan as a senior. There are a variety of different loan options that you can pursue when you are a senior citizen. Some of the loans may be:

  • Personal Loans
  • Payday Loans
  • Student Loans
  • Reverse Mortgage Loans

It’s important that you talk to a qualified financial assistance to access your loan options. We do NOT recommend you take out a loan based off any information you read on the web. Contact a qualified professional to seek out your best loan option.

Charities and Goodwill Organizations

When you need help, you need to ask for that help. For most seniors, the thought of contacting a charity or goodwill organization can be daunting, but that what these programs are for. Many charities specialize in providing necessities for those in need – including food, shelter, clothing, and so on.

Grants for Seniors

It may be possible for you to find some sort of grant program for seniors. Keep in mind that federal grants are usually only given out to organizations and not individuals. But that’s not to say that you can get some sort of state grant (housing grants for example) or grant offered by a private organization. It’s best to look online to find more information about grant resources. Keep a sharp eye out for any scams – there are a lot of websites that offer FAKE financial help.

Financial Planning

Budgeting is not something that everyone is good at. However, it’s a vital skill. Not all of us have acquired this skill – even seniors. So if you are finding that you are spending more than you earn, you should look to see how you can tinker with your budget. There is plenty of budget planning advice you can find online (we recommend

Jobs for Seniors

Retirement jobs are a great way to get that extra income source. There are plenty of jobs you can pursue as a senior citizen. Here a just a few examples of a senior citizen job:


  • Data Entry
  • Retail (grocery store, etc)
  • Making Money Online (website design, website advertizing, etc)
  • Telemarketing

These are only some of the ways you can get financial help as a senior. The best way to help yourself is to start being active about getting the help you need!

6 thoughts on “Senior Finances

  1. susie

    I am a senior citizen and my husband and i can live just fine on our social security. the problem is that my husband became ill so I took him to his family in Panama. My spouse has dual citizenship. He is american by birth. I then found out that he has epilepsy. While we were gone we had renters in our home which they
    completely destroyed. And, our lender allowed the insurance to lapse. We need any help that we can get
    for a new heat/ac unit. Ours was struck by lightning. we have major damage to our home but friends are
    stepping up to help. But I have asthma and i dont think i can handle the summer in central Florida without
    air conditioning. If someone can help me i will repay you so much per month. thank you

  2. betty grauer

    I Have a 71 year old friend who lives in Arizona,She has MS,Her husband has passed away.She can’t use a computer,She has tried calling different places as being down to one income she is having a very difficult time making ends meet.All she gets is a round around.We went to school together & have stayed friends all theses years.She really has no family.All her neighbors are her age,I live in Md.She lives in Golden Valley Arizona.After talking to her last night I could hear in her voice how desperate she is.She has tried to refinance her house to lower a lower interest rate to lower house payment,but it is a Mobil manufacture home.they won’t refinance manufacture homes.Some will say poor planning on their part as for buying a home late in life but than again all was well til her husband died very expecting.Please does any one know what agency she can contact for help financially,health & food.I have never heard her sound so desperate in the sixty years I’ve known her & believe me we both have had our trials & errors along the way.Between our children & family’s but never once asked for help.

  3. Joanne Nicols

    My place is wired for air conditioner. Can I get assistance in having one installed

  4. Raymond Dolande

    I am 76 yrs old,my wife is 75 we need to move to an affordable place,we are facing homelessnes by the end of the month,we need tranportation to make it for drs appoiintments,our car broke down need repairs,we need to get medications from the drugstore,grocceries.We ha tried to get a job,no luck,we have applied at home depot,target,cvs,walmart, success,well our ages chances are very slim to get a job.

  5. Bernard M Morency

    I need urgent help with my utility bills otherwise Teco are going to cut my light.I am 69 years old I have been
    sick in the past 3 years.Now I am in trouble with my utilities bills.Lee Davis has denied my application for help
    for no reason. I need help to pay my utilities bills and also help with some repair in the house.

  6. joyce ventrella

    Can u please help me? I just have social security.I just need food stamp monthly and 150. Monthly toward

    My monthly rent of my studio apt.which is 950. Monthly. Please help with something anything?not to good with my smart phone.

Leave a Reply

Your email address will not be published. Required fields are marked *