Sunday 1 January 2012

How to Pay for a Home Stairlift System

Paying for a stairlift for your home can be a quite expensive endeavor, depending on what type of lift system you need and in what condition are your personal finances. There is a huge cost disparity between the various residential lifts, but no need to lose hope. It is indeed possible for most people to get this particular home mobility product, if you know what to do.

Here are some basic suggestions about how to pay for a home stairlift.

Personal savings - Of course, the easiest way to finance this project is to pay a company up front for their mobility product and installation fees. Since stair lifts can range from between approximately $1,500 to $15,000, this may or may not be a good option for you. Keep in mind, however, that if you are able to come up with the cash to pay for this product, you may quality for a huge tax deduction that will literally reimburse you for the entire cost. You do

have to qualify for the tax deduction by making sure you have a prescription from your doctor that states you need this mobility aid in order to function.

Loans - If you don't have the cash, you can check with the company from which you wish to purchase, your local bank or a lending agency about the possibility of securing a loan. Also, you can check with the U.S. Department of Housing and Urban Development (HUD) for information about reverse mortgages which can pay for this type of accessibility equipment. If you own your home, you are in a good position to qualify for a reverse mortgage.

Community and Government agencies - For those who have no access to funds to pay outright or who cannot qualify for loans, there are many local community agencies that provide assistance to those who are on fixed incomes or who are on disability. You can check with clubs such as the Lion's Club and many other community programs that help those in need. Federal agencies such as the Veteran's Administration can also assist you in purchasing mobility equipment for the home, if you qualify.

There are many ways to pay for a stairlift for your home, if you just do some homework. Don't leave any stone unturned when it comes to securing funds to install the right home elevator system for your place of residence. There are more and more financial avenues today for those who need mobility products that provide a way to stay in their homes without having to relocate.