Low Income Retirement Homes

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Low Income Retirement Homes

By Ric Dalberri, Founder of Retirement USA

2006
The demand for low income retirement homes for seniors seems to be growing with this segment of our population. Baby Boomers are on the rise and although are considered to have the highest disposable income, low income retirement homes are in great demand.
There are several types of low income retirement homes for seniors. When seniors apply for subsidized housing, the list for applicants is every growing sometimes being as long as two-three years.
The demand for low income retirement homes is far greater than the number of subsidized units that are available. Something to consider for seniors when searching for low income retirement homes is some religious and public charities help subsidize seniors.
Some qualifications for low income retirement homes can differ from location to location and state to state. A senior trying to obtain low income retirement homes must be at least 62 years of age and meet certain income limitations. Most times, as requirements vary from state to state, a senior must earn 50% or less of the median income for that area. Once that is established, a percentage of their income, (usually 30%) is charged for monthly rent. The difference paid for low income retirement homes rent and fair market value of area rents is paid by the government or charity providing the low income retirement homes.
Types of low income retirement homes:
* Apartment complexes that may have recreation, transportation, Meals, housekeeping. You have to determine what your needs are.
* HUD (Housing & Urban Development) which in Section 8, 202 or Section 202 conversion. You can visit HUD online for further info.
Before doing anything for your low income retirement homes, check with local, county or state agencies for the aging and by all means,
start this 2-3 years before retirement. This can be very taxing, frustrating and time consuming.
If low income retirement homes is in your future, be sure that your future has low income retirement homes in it.