Elderly Homeowners and VA Loans

As veterans age they face many financial problems and decisions. One of these decisions is whether they will stay in their homes or move to a group setting for end-of-life care. VA loans can be used by any eligible veteran, young or old, but elderly veterans have options to consider when deciding where to live. The VA has programs in place to help veterans move to a suitable, affordable elderly group home that can assist them. The VA also has programs to help veterans receive home-health care, so the veteran can stay in their private residence.

Home-Based Primary Care is a program of the Department of Veterans Affairs, in which healthcare providers come into the veteran’s home to service their needs, under the supervision of a licensed, approved physician. This program is available for veterans who can not use the outpatient program because they are:

• severely disabled
• terminally ill
• temporarily disabled

The purpose of the Home-Based Primary Care Program is to allow veterans to remain in their homes and be more independent, but also receive the care and support they need. Some of the services this program offers are:

• improvements to make the home accessible depending on the needs of the veteran
• medical supplies
• prescription medications
• medical equipment

If you are an elderly veteran who is forced to consider leaving home because of financial distress, and not because of illness or injury, there are programs that can help you. A VA Home Loan can be refinanced to take out equity for financial needs, but it can also be refinanced into a reverse mortgage. A reverse mortgage is a loan in which an elderly person takes a loan out on their home, so they can get money when they need it. The homeowner is still responsible for the property taxes and upkeep on the home, but they may get cash out of their home and they will no longer have the burden of a mortgage payment. This is an option for many elderly homeowners in financial distress, but be sure to research all of your other options before you make a final decision.

Get more information on the VA Home-Based Primary Care Program