1. Financing Strategies for Supporting Aging in Place Diane Sprague (8/6/04) Your Housing Partner of Choice We are committed to meeting Minnesotans’ needs for decent, safe, affordable homes and stronger communities 651-296-7608 * 800-657-3769 * TTY 651-297-2361 www.mhfa.state.mn.us

2. 2 $$s for mortgage, taxes, repairs, etc. $$s for safety/ accessibility modifications $$s for short- term services $$s for long- term services Self-fund (e.g., savings, investments, trusts, etc.) XXXX Family contributionsXXX? (depends on how sustained) Volunteers, donationsXXX? (depends on how sustained) Grants for services (e.g., MA Waivers) XXX Repair grant or “deferred" loan XX Take in a renter, "homeshare" XXXX

3. 3 "Paying" loan Refinance existing (primary) mortgage XXX ? (depends on value involved) New (primary) mortgageXXX? (depends on value involved) Home improvement loan (instalment lending – second mortgage) XX Personal loan (instalment lending -- unsecured) XXX Equity line of creditXXX ? (depends on value involved) $$s for mortgage, taxes, repairs, etc. $$s for safety/ accessibility modifications $$s for short- term services $$s for long- term services

4. 4 Federal income tax deduction - accessibility modifications X Property tax deferral (e.g., "This Old House") X? (depends on impact on value) Property sale/ leasebackXX? (depends on value involved) Life estate Reverse mortgageXXX? (depends on value involved) Others? $$s for mortgage, taxes, repairs, etc. $$s for safety/ accessibility modifications $$s for short- term services $$s for long- term services