The Northwest Access Fund Board has recently voted to expand the terms of our home modification loan product in order to better meet the needs of our community. Our home modification loan previously carried the same terms of our general assistive technology loan – a fixed 5% interest rate with no fees; up to a 5-year term; and a maximum loan amount of $25,000. Yet we came to see that this can place home modifications out of reach: for some the 5-year term may be too short to be affordable alongside other necessary expenses, while for others the $25,000 limit may not allow for more extensive home modifications to be completed.
Today, Northwest Access Fund is happy to announce expanded terms that are specific to loans being used to make home modifications:
As with all our loans, there are no income restrictions or minimum credit scores to apply. Modifications include the addition of ramps, lifts, or elevators; walk-in or roll-in showers and other bathroom adaptations; countertop height adjustments; and smart home technology, to name just a few. We can consider requests for any modifications designed to maintain or improve the functional capabilities of a person with a disability or an older adult.
Home modifications have been proven to increase independence and safety, and to support aging-in-place. Yet home modifications can be costly, and the AARP notes that up to 80% of homeowners need to finance home modifications themselves. We hope that our updated loan terms will put vital home modifications within reach for numerous Washingtonians and Oregonians who need to adapt their home to better meet their changing needs.
If you’re interested in learning more, call or email us today. We look forward to hearing from you.