A new program to provide low interest loans to seniors appears to be paying off. The program offers low interest loans for home repairs and other needs to help homeowners keep the value of their property from slipping and to avoid having it fall into disrepair. For many seniors, these low interest loans have made a terrific difference in the quality of their lives as well as their homes. The low interest loans can also be used to help homeowners avoid falling into default on their mortgages, especially if the value of their home is lower than the amount owed on the property. ”They find that the cost of their house far exceeds their ability to pay for it based on their income so this is a way you can help to reduce the amount of burden so that people can actually afford to rebuild,” said LISC vice president Evelyn Brown. “Otherwise I don’t think very many people can afford to rebuild.”Irene McIntosh, the director of the D’Iberville Volunteer Foundation. said, “What I think it will do is close the gap so that they are complete rather than trying to scramble to find furnishings, appliances, the things that make home finally home.”
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