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 http://www.hud.gov/offices/pih/programs/hcv/about/ 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 about.com).
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:
Consulting
- 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!
