One way elderly people can create a steady stream of income is through a Home Equity Conversion (HEC). The most common HEC is a reverse mortgage where the homeowner receives cash advances against accumulated home equity. The borrower must be over 61 years of age, own property, and have a very low mortgage balance. Non-profit housing organizations can also provide people with housing while they complete schooling or training in preparation for re-entering the workforce. These short term arrangements help adults bridge gaps between jobs, and maintain stability within their household. One local organization that provides this kind of service and more is HIP Housing. HIP, with offices in Redwood City, South San Francisco and Daly City, includes programs on home sharing, home equity conversion and provides housing assistance and support services to low-income families. HIP also develops new and acquires existing housing for use by HIP Housing’s programs or other income-qualified persons in the community.
- Discover how you can take advantage of a reverse mortgages at reversemortgage.org
- Get self sufficiency through programs that bridge employment gaps at hiphousing.org
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Pic: 21 Elements.org