Is there financial help available for a retired veteran and spouse for elder housing or a retirement community in MA?
There is a home loan program through the Department of Veterans Affairs (VA) that might be able to provide you with a loan guaranty for the purchase of a residence. The VA loan guaranty program includes condominiums and residential coops, so it should also apply to purchase of a residence in an elder housing or retirement community. The guarantees often make it possible to purchase a home with little or no down payment.
There are a number of eligibility requirements that have to be met in order to qualify for such a loan guaranty. First, the veteran must have served for a specific period of active duty, the length of that period depending on when that active duty occurred. The veteran must also have a good credit rating and sufficient income. To find out more about the program and its eligibility requirements, you can look online at Chapter 5 of the VA's book Federal Benefits for Veterans and Dependents. You can find additional information on the program on the Home Loan Guaranty Services pages of the VA web site.
