Home Modification

AAA

DEFINITION of 'Home Modification'

Alterations made to a home to meet the needs of people with physical limitations so they can live independently (to some degree) and safely. Examples of home modifications include removing throw rugs to prevent slips and falls, installing grab bars in the bathroom for stability and so on.

INVESTOPEDIA EXPLAINS 'Home Modification'

Many minor home modifications and repairs can be done with as little as a few hundred dollars to as much as a few thousand. For larger projects, some financing options may be available and some contractors even offer reduced rates and charge sliding-scale fees based on a seniors' income and ability to pay. The National Resource Center on Supportive Housing and Home Modifications is one of the best resources in the U.S., offering training and education courses and technical assistance.

RELATED TERMS
  1. Long-Term Care (LTC) Insurance

    Coverage that provides nursing-home care, home-health care, personal ...
  2. Respite Care

    Short-term or temporary care of a few hours or weeks of the sick ...
  3. Medicare

    A U.S. federal health program that subsidizes people who meet ...
  4. Custodial Care

    Non-medical care that helps individuals with his or her activities ...
  5. Medicaid

    A joint federal and state program that helps low-income individuals ...
  6. Activities of Daily Living - ADL

    Routine activities that people tend do everyday without needing ...
Related Articles
  1. Options & Futures

    Long-Term Care: More Than Just A Nursing Home

    Learn what you can do now to keep your options open in the future.
  2. Budgeting

    7 Smart Steps Every New Homeowner Should Take

    Don't let the excitement of owning your own home lead you to make bad financial decisions.
  3. Insurance

    What Does Medicare Cover?

    Don't assume you're insured. Find out what you can expect from this healthcare program.
  4. Insurance

    Medicaid Vs. Long-Term Care Insurance

    These are not equal. Here's why you need to think twice before relying on the government-sponsored program.
  5. Options & Futures

    Trade Covered Calls On High Dividend Paying Stocks

    We explain the risks, rewards, timing, and profit and loss considerations for covered calls with dividend stocks.
  6. Options & Futures

    Was Buffet Right about Derivatives as WMDs?

    Why Warren Buffet described derivatives as weapons of mass destruction, and when can they be helpful or harmful?
  7. Options & Futures

    Top Brokers Offering Tools For Covered Calls

    Here are the brokers that offer the best tools for investors and traders to write covered calls and covered puts.
  8. Economics

    Effects of OIS Discounting for Derivative Traders

    The use of OIS discounting has important implications for derivative valuations and could positively or negatively impact a trader's profit or loss.
  9. Home & Auto

    Strategic Bathroom Enhancements With Huge Returns

    Even modest investments to improve a small bathroom can yield considerable rewards.
  10. Options & Futures

    The Perks of Trading Coffee Options

    As more people begin to trade coffee, we explain how coffee options work, who uses them, what drives valuations, and the risks and rewards.

You May Also Like

Hot Definitions
  1. Fiat Money

    Currency that a government has declared to be legal tender, but is not backed by a physical commodity. The value of fiat ...
  2. Interest Rate Risk

    The risk that an investment's value will change due to a change in the absolute level of interest rates, in the spread between ...
  3. Income Effect

    In the context of economic theory, the income effect is the change in an individual's or economy's income and how that change ...
  4. Price-To-Sales Ratio - PSR

    A valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the ...
  5. Hurdle Rate

    The minimum rate of return on a project or investment required by a manager or investor. In order to compensate for risk, ...
  6. Market Value

    The price an asset would fetch in the marketplace. Market value is also commonly used to refer to the market capitalization ...
Trading Center