Housing or Living Options
Whether you plan to buy, sell, or stay in your home, these programs below represent a no lose situation that could be of enormous benefit, My apologies to those who know most of the information but most of the people may not know all of the information, hope I’m not missing programs but if you know of something else that might be beneficial, please let me know. Thanks, Rich
ALASKA SENIOR BENEFITS TO CONSIDER
This may be redundant to some folks but if not, read away.
For home owners that reside at the property “owner occupants”, for most properties there is a $20,000 (or 20% whichever is less) exemption off of the property’s assessed value. If you are a Home owning Senior above the age of 65, you can receive an additional $150,000 off the assessed value for a total of a $170,000 exemption.
What this means to you;
Mill Rates will vary per year depending on borough location, services provided for that location, and the amount of funding the borough requires. So for example sake, let’s say the mill rate is 17 or referred to as 17 mills. This factor is calculated as $17 per $1,000 of value. A property assessed at $200,000 being charged at 17 mills would equate to $3,400 in annual taxes.
($200,000 X .017 = $3,400)
If the same $200,000 property had a $170,000 Exemption….
$200,000 - $170,000 = $30,000.
$30,000 X .017 = $510 annual taxes š
You need to apply.
Funding permitted, Interior Weatherization will assess the energy efficiency of your home and will calculate the feasibilities of energy related upgrades. They then will do (from what I’ve witnessed) an extreme amount of work whereas you pay $0.
If you decide to stay in the home, the upgrades will lower your living expenses. If you decide to sell, the upgrades will increase your value. Or both, it’s a “no lose”.
All you need to get started is to fill out the application and call 452-5323.
Among other programs, FNHS has a low interest loan program provides housing improvements to seniors and others on a fixed income.
Please note, this is not a scam. This program is administered through the Dept. of HUD for the benefit of seniors and although typically used as a tool to refinance your existing house, it can also be used for purchasing a home.
Depending, for some senior’s situation, this is the greatest option (ever). Often times a senior homeowner has to determine whether to sell their asset (home) to cash in on equity they might have. In that instance, it’s a choice of either retaining the place they live or the money, either/or. The reverse mortgage will allow the senior both, their home to reside plus cash. The amount available will depend on several main variables such as; value of the home, amount of equity, and your age. We’ll leave that one for a specialist to figure out.
Although the Revere Mortgage will not require principle & interest payments while you’re living in the house, you’re still required to pay local taxes (SEE “A” Above), pay annual insurance, pay all your utilities (of course) and keep the property maintained.
Anyway, if you did decide to stay in the home, the reverse mortgage would enable you to have money for whatever you wanted. Pay off bills or use some of that money to upgrade the house for your own comfort and to increase the value. Another thought to those that want to become snow birds, proceeds from the mortgage could go to buying a second home in a warm, sunny climate.
More Information At:
This state program pays monthly cash benefits to Alaskans who are age 65 or older and have low to moderate income. Payment levels depend on available state funding and how many people apply and qualify for the program.
Fairbanks Senior Center, officially entitled The North Star Council on Aging, is a non-profit organization established in 1973. They are supported by volunteer
workers and private and corporate donations. Federal, State and local government
grants help defray a portion of their costs.
Residence for Fairbanks seniors 55 or older, which has 95 ADA compliant apartments designed specifically for older adults.
The web sites states: where diversity, security, healthy living, independence and mutual assistance are core values, and a vibrant community center for Fairbanks area events and senior activities. A place where residents live free from the responsibility of home ownership. They enjoy the company of others and the extensive cultural events held regularly.
H. Pioneer Home
Well, you should keep your options open for the future. You might not want to think about it now or need it now but…today is today and tomorrow’s down the road whether it’s next year or 5 or more years away, you might have a change of heart. You don’t just apply and get in, oh no. You have to wait til there’s an opening.
There are six locations so if you don’t like the climate in Fairbanks you might consider: Anchorage, Juneau, Ketchikan, Palmer, & Sitka. Sitka sounds nice…
They (the state) will most likely want the lion share of your assets but that’s the trade off. Once you’re in I don’t think you have to worry too much.
Submitting your application is a no lose. You are not committed to proceed when and if a vacancy comes available. You can always say “No”, but you’ll never have the opportunity to say “No” unless you apply. It’s a no lose.
For Additional Benefits for Seniors Living In Alaska - Go To SENIOR RESOURCES Link
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