Help for elderly HOA residents financial options - Ask Extension
I am a member of your condominium HOA board. We are having an assessment for our neighborhood in addition to some residents having limited money. I wa...
Knowledgebase
Help for elderly HOA residents financial options #922567
Asked December 01, 2025, 3:05 PM EST
I am a member of your condominium HOA board. We are having an assessment for our neighborhood in addition to some residents having limited money. I want a resource for these residents to obtain financial guidance in terms of money management, HELOC loans, Reverse Mortgages, other... for HOA assessments and home maintenance.
Macomb County Michigan
Expert Response
Good Afternoon Christopher,
Thank you for your inquiry.
I would like to share the following resources:
- MSU Extension offers free, weekly Money Management webinars on a variety of topics, including those that promote savings for specific goals (Spending Plans, Savings Tips, etc.): https://www.canr.msu.edu/mimoneyhealth/events
- Also, annual savings recommendations for Home Maintenance funds are 1-3% of the homes purchase price.
- The Consumer Financial Protection Bureau (CFPB) has a great deal of information regarding HELOC, Home Equity Loans and Reverse Mortgages: https://www.consumerfinance.gov/ask-cfpb/what-is-a-home-equity-loan-en-106/; https://www.consumerfinance.gov/ask-cfpb/what-is-a-home-equity-line-of-credit-heloc-en-107/; https://www.consumerfinance.gov/consumer-tools/reverse-mortgages/; and https://files.consumerfinance.gov/f/documents/cfpb_reverse-mortgage-discussion-guide.pdf
- There are Home Maintenance resources available - and many have program eligibility criteria: https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-repair-loans-grants-25; https://www.michigan.gov/mdhhs/assistance-programs/emergency-relief/home-repairs; https://www.habitatmichigan.org/what-we-do/home-repair/; https://www.macombgov.org/departments/planning-and-economic-development/housing-rehabilitation-program; https://macombhabitat.org/critical-home-repairs/
I hope this information is helpful.
Kind Regards,
Jinnifer Ortquist, MSU Extension Educator
