The SHARP program can provide the assistance you need to hire roofing or siding contractors in Calgary. If you meet the qualifying standards and have overdue home repairs, this may be exactly what you need to get your home in better condition. This overview of SHARP will help you determine whether this assistance could work for you.
What is SHARP?
SHARP is the acronym for Seniors Home Adaption and Repair Program. It provides low interest loans against your home equity so you can schedule repairs, adapt your home to mobility issues and perform other needed renovations.
The maximum loan authorized by the program is $40,000. However, anyone participating in the program must borrow at least $500.
Qualifying for SHARP
To qualify for SHARP, you or your spouse must be 65 years or older, a citizen of Canada and resident of Alberta, and own your primary home. Annual income must be $75,000 or less, and your home must have a minimum of 25 percent equity. Income is determined by your latest tax returns. Deductions can reduce your income and help with qualification.
In addition to the ownership and equity requirements, your property must also be covered by home insurance. If you own a manufactured or mobile home, you can still qualify for this program. Registered charges against your property title—including pending litigation, reverse mortgages or maintenance enforcement liens—will impact your eligibility, since they can affect your ability to repay the loan.
If you cannot qualify, you could be eligible for the SHARP grant rather than the SHARP loan program. This option applies to annual incomes of less than $26,965 for single seniors living alone, or $43,795 for couples. People who do not have enough equity or are not fee simple homeowners can receive these grants to make basic and essential home repairs. You will receive a call if you fall into this category
How it can help you
The SHARP program intends to help you remain independent so you can age in place at home. It also makes your home safer, with better accessibility and improved energy efficiency. Upgrading siding helps with these ideals, especially if your exterior needs help. Many seniors also struggle to pay for roofing projects, despite the danger and damage that could result from a deteriorating roof. Both of these services are offered by Rhino Exteriors and can improve your living situation.
In addition to fixing issues with your home, the loan repayment terms are very flexible. You do not have to make monthly payments; you can repay the loan when you have the ability to do that. However, if you sell your home, lose your status as a registered owner or move to a different primary residence, the loan will automatically come due. Most beneficiaries of this program pay the loan as part of their estate planning when the home sells.
If you receive a SHARP loan or grant and need roofing or siding contractors in Calgary, contact Rhino Exteriors. We would love to be part of making your home a more efficient and livable environment for you.