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Remodeling your home to make it more accessible for a disabled family member (or, simply better suited for “aging in place”) allows you to stay in your home longer and makes it easier for everyone to perform their everyday tasks. But where do you even begin?

Creating a wheelchair-friendly home generally involves removing barriers and making daily necessities more accessible. It might involve some DIY tweaks to a few rooms or could require hiring a contractor and making more extensive renovations.

While the Americans with Disabilities Act (ADA) doesn’t cover private, single-family homes, it offers helpful guidelines you may want to keep in mind as you work on making your home more accessible.

What follows is a simple (and ADA-compliant) guide to home modifications you may want to make for someone who is disabled, including costs involved and financing options.

How Much Do Handicap Home Modifications Cost?

How much you’ll spend on renovations to make your home accessible will depend on your accessibility needs, your home’s current state, and the size of your home.

According to Angi (formerly Angie’s List), the cost of making your home more accessible can range anywhere from $751 to $8,553, with $4,652 being the national average. If you opt to do significant home renovations, however, costs can run considerably more. Installing an elevator, for instance, can set you back $2,500 to $60,000.

It’s a good idea to figure out which renovations you want to do and then work with a contractor to price them out. You can then adjust the scope of the project based on your budget.

Here’s a breakdown of some of the renovation costs that may be involved in making your home more accessible.

Types of Accessible Home Renovations

What follows are some key accessibility modifications that can help give aging parents or family members who require help getting around via wheelchair, cane, or walker more independence within your living space.

1. Doorways

Widening doorways is crucial to accommodate wheelchair users. The ADA requires doorways to have a clear opening of 32” when the door is open 90 degrees for wheelchairs to pass easily.

Widening a doorway can run $700 to $2,500 if you require new doors or if you need to create larger openings. However, you may be able to provide accessibility for a lot less by installing offset or swing-clear hinges to allow the door to swing clear of the entryway,

2. Door Handles

Round door knobs can be difficult to open from a wheelchair. To make it easier for those with mobility impairments, consider installing lever door handles. These handles are easier to grip and operate, providing improved accessibility throughout your home.

3. Showers

Converting a traditional bathtub into a roll-in shower with a wide entry and grab bars can greatly enhance accessibility. The ADA recommends that your shower stall be at least 36” by 36” for wheelchair accessibility. Adding a fold-down shower seat and adjustable handheld showerhead (the ADA recommends a 60” hose) further improves safety and convenience.

The price of retrofitting an existing shower or installing a new one can run anywhere from $2,000 to $7,500

Recommended: Tips for the Perfect Small Bathroom Remodel

4. Baths

Instead of a shower, you might consider a handicap-accessible bathtub. The ADA requires clear floor space in front of the bath, a seat in the bath at the head of the tub, along with grab bars and a 60” hose.

Converting a bathtub into a walk-in tub can run anywhere from $350 to $1,000

5. Ramps

If your home currently has stairs you need to climb to get inside, you’ll need to build a ramp if you want it to be wheelchair accessible. Ramps should have a gradual incline, non-slip surfaces, and handrails for stability. Per the ADA, the width of the ramp has to be a minimum of 36”.

The cost of constructing a ramp will depend on the entrance layout of your particular home, but you could expect to pay between $1,000 and $4,000.

6. Flooring

Choosing smooth and slip-resistant flooring materials throughout the house is essential for individuals with mobility aids or wheelchairs. You’ll want to remove any carpets or rugs that could pose tripping hazards or make it hard for wheelchair users to get around. If you use carpet, it should be no more than half an inch. Plusher carpets make it difficult for wheelchairs to maneuver.

Installing non-slip flooring generally runs around $3 to $22 per square foot.

7. Accessible Kitchen Renovations

Modifying the kitchen can significantly improve accessibility. Lowering countertops, installing pull-out shelves, and adding accessible sinks and appliances can make meal preparation easier for individuals with disabilities.

Converting a kitchen to comply with the ADA guidelines can run $9,000–$40,000. To cut costs, you might consider creating a dedicated area for accessible cooking and meal prep, leaving the rest of the kitchen as-is.

Recommended: What Is the Average Cost to Remodel a Kitchen?

8. Toilets

Bathrooms should have enough room for a wheelchair to maneuver inside and room for a wheelchair user to move their chair next to the toilet to transfer themselves from the chair to the toilet easily. There should be grab bars mounted securely to the walls to facilitate the process and increase safety.

Depending on mobility needs, you might consider installing raised or comfort-height toilets and adding a bidet attachment. Installing a modified toilet can run $400 to $1,000.

Recommended: 10 Steps for the Perfect Bathroom Remodel

9. Sinks

Accessible sinks should have open space underneath to accommodate a wheelchair. Installing lever-style, push, or touch-operated faucets and ensuring adequate knee clearance further improves accessibility.

Installing a new sink and faucet can run $100 to $1,000

Financing Options for Home Modifications for the Disabled

The cost involved in making home accessibility renovations can add up quickly. And, you might not necessarily have the funds you need just in your savings account. Fortunately, there are a number of funding options, including grants and loans, available. You may also be able to deduct some of the costs on your taxes.

Here’s a look at some of your options.

Specially Adapted Housing (SAH) Grants

The U.S. Department of Veterans Affairs offers Specially Adapted Housing (SAH) grants for eligible veterans with disabilities. These grants provide financial assistance to modify or build homes to meet their specific accessibility needs.

IRS Deductions for Home Accessibility Renovations

Home renovations are not generally tax deductible. However, accessibility modifications to your home can be included as medical expenses if they are medically necessary and you itemize your deductions. Keep in mind that the deduction amounts must be reasonable, and if the amount spent increases the value of your home, they cannot be claimed as a medical expense.

The Internal Revenue Service (IRS) also allows disabled people and their friends and family to save money to pay for the disabled person’s expenses in ABLE accounts. You’ll want to consult a tax profession or refer to the IRS Publication 907 to learn more about the specific requirements and limitations.

Options to Finance Accessible Home Renovations

Various financing options are available for accessible home renovations. Here are some you may want to investigate.

Personal Loans

A personal loan is typically an unsecured loan (meaning you don’t have to put an asset to secure the loan) that can be used for a wide variety of purposes, including home renovation projects. The advantage of this type of loan is that you don’t need to have built up equity in your home to qualify for financing.

Some personal loans are actually specifically designed to cover the cost of home remodeling (they are often called home improvement loans). Either type of personal loan can provide the necessary funds for home accessibility renovations. It’s a good idea to compare interest rates, terms, and repayment options to find the best personal loan option for your project.

Recommended: How Do Home Improvement Loans Work?

Reverse Mortgages

If you’re aged 62 or older, you might want to consider a reverse mortgage. This type of mortgage allows seniors to borrow against the equity in their home. These funds can be used for home modifications, and repayment is typically deferred until the homeowner moves or passes away.

Just keep in mind that reverse mortgages often come with relatively high fees that are rolled into the loan. Also, your equity in your home will likely decrease, leaving you with less in your estate to leave to your heirs.

Fannie Mae and the Federal Housing Administration (FHA)

Fannie Mae’s HomeStyle Renovation Mortgage and the FHA’s 203(k) Rehabilitation Mortgage Insurance Program offer financing options for purchasing or refinancing a home that needs accessibility renovations.

Fannie Mae’s HomeStyle program is available for buyers who want to get money to buy and renovate a home in one loan or to those who want to refinance their home loans and get cash for renovations. The FHA’s 203(k) renovation loan is similar to Fannie’s but has more flexible qualification requirements.

Refinancing

Refinancing an existing mortgage can provide additional funds for home accessibility modifications. By taking advantage of lower interest rates or extending the term of your loan, homeowners can free up cash for renovations. Keep in mind, though, that extending the term of your loan can increase the total cost of your mortgage.

Nonprofit Assistance

Certain nonprofit organizations provide grants or low-interest loans for home accessibility renovations. These organizations focus on supporting individuals with disabilities and improving their living conditions.

One you may want to look into is Rebuilding Together . This is a national organization dedicated to helping homeowners build, rebuild, or modify their homes. They have a history of working with families to make their homes more accessible.

Other helpful resources include:

•   The National Resource Center on Supportive Housing and Home Modification

•   Local Independent Living Center Affiliates

•   Local Easter Seals chapters

Medical Waivers

Many states have Medicaid programs that cover home modifications for disabled or elderly people. These programs are often used for people who are currently in nursing homes but may want to return to a private home. The money could help them make home modifications to ensure their safety at home. Eligibility requirements and coverage vary by state, so it’s important to research available programs in your area

Home Equity Line of Credit (HELOC)

If you own your home, you might be able to use your existing equity to get a home equity line of credit (HELOC). A HELOC is a revolving line of credit (backed by your equity in your home) that works in a similar way to a credit card. You can borrow what you need for your home accessibility renovations as you make them (up to a set credit limit) and only pay interest on what you borrow.

The Takeaway

Creating an accessible home through thoughtful renovations provides independence and a higher quality of life for individuals with disabilities or mobility limitations. Making changes through your home, such as widening doorways or installing ramps, can significantly improve accessibility.

Financing options like grants and loans, along with possible tax deductions, can help make these renovations more affordable. It’s important to explore all available resources and consult with professionals to determine the best financing solution for your handicap home modifications.

If you think a personal loan could be helpful, SoFi’s home improvement loans range from $5K to $100K, and you may be able to get same-day funding. Plus, there are no fees required.

FAQ

Does Medicare or Medicaid cover accessible home renovations?

Medicare does not cover home modifications. However, Medicare Part B does cover durable medical equipment (such as hospital beds) if it’s medically necessary for use at home.

In some states, disabled individuals who are eligible for Medicaid may benefit from Home and Community-Based Services (HCBS) programs. You will need to check with your state if it offers HCBS benefits.

How do I make my home ADA compliant?

The Americans With Disabilities Act (ADA) seeks to ensure that persons with disabilities have equal access to — and convenience in — public spaces via a range of codes and recommendations. While the ADA doesn’t cover private, single-family homes, it offers helpful guidance for making your home accessible. Following the Guide to the ADA Accessibility Standards when making modifications could also be helpful for your home’s resale.

Are ADA renovations tax deductible?

ADA renovations may be tax deductible as medical expenses, provided they are medically necessary and you itemize your deductions.

Just keep in mind that the amounts must be reasonable and any expenses incurred for aesthetic or architectural reasons cannot be deducted. Also, any amount you spend for accessibility modifications that increase the value of your home cannot be claimed as a medical-related expense.

Are there home loans that cover handicap home modifications?

Yes. The USDA’s Single Family Housing Repair Loans & Grants programs provides loans to very-low-income homeowners to repair, improve or modernize their homes or grants to elderly very-low-income homeowners to remove health and safety hazards.

The U.S. Department of Housing and Urban Development’s 203(K) Rehab Mortgage Insurance program allows you to finance (or refinance) a mortgage and include the costs of home improvements in your balance.

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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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With so many credit card options out there, it may be hard to choose a new one.

Are you loyal to a particular airline or hotel chain? Perhaps you want to redeem credit card points as statement credits. Or you’re a big grocery or gasoline spender. Savvy consumers may be interested in innovative uses like paying down loan debt or investing. Is the interest rate important, an annual fee a dealbreaker?

If you can responsibly manage more than one credit card — and if you’re like most Americans, you have more than one — you can use different cards to optimize rewards (cash back, points, or miles), annual statement credits, and 0% and low introductory APR offers.

When deciding on a new credit card that is best for you, it boils down to two basic questions: What do you want from a card? And how strong is your financial history?

Here’s a glance at the credit card options available and provisos to consider.

Recommended: What Is the Average Credit Card Limit?

Rewards Credit Cards

If you are good about paying off your card every month and never incur interest, you might consider a rewards card. These cards may offer sign-up bonuses and give consumers rewards in the form of miles, cash back, or loyalty points.

There are variations on a theme, such as:

•  Bonus offer + 0% period for purchases

•  A set dollar amount in travel or bonus miles if you meet the initial spending requirements

•  Flat-rate cash back

•  Customizable rewards

A few cards offer an eye-opening 5% cash back in rotating categories, up to a limit (such as 5% back on $1,500 spent quarterly, after which all other purchases earn 1% cash back), and you’ll usually have to manually activate the offer each quarter.

But you can often lessen the work involved and earn more in total cashback rewards with a flat-rate cashback credit card, when all purchases earn the same amount.

Frequent travelers lured by premium travel rewards cards will want to weigh the perks against an annual fee of $450 to $550.

New reward offerings have bubbled up, such as allowing cardholders to put cash back toward loan payments, and are brewing, like increasing card acceptance for rent payments and offering cryptocurrency-related rewards.

When choosing a rewards card, think about your spending habits and redemption preferences, be aware of your credit score (these cards usually require a good score), and pay off your balance each month — rewards cards typically have higher APRs than balance transfer cards.

If you fall behind on payments or carry over balances, all the perks and rewards are unlikely to be worth it.

Recommended: What Is a Charge Card?

Cards for Those With Limited or Damaged Credit

For college students with little or no credit history, there are student credit cards.

If you don’t have great credit, there are also secured credit cards. Generally, they require a deposit from the user. A secured credit card functions like a normal credit card except that it has a backstop: The user puts up an amount of money that the issuer will then use if the cardholder defaults.

The lender offers a certain amount of credit based on the promise that the user will pay off the balance in full every month.

If your account is upgraded to an unsecured account, thanks to good habits, or is closed in good standing, your deposit is returned.

Both of these options can help someone build credit and could lead to a card with more perks if the holder is diligent about paying off the balance every month.

Then there’s at least one brand of card that considers an applicant’s banking history in lieu of their credit score, has no annual fee, and comes with rewards.

Recommended: Tips for Using a Credit Card Responsibly

Prepaid Debit Cards

A secured credit card is primarily intended for building credit, whereas a prepaid debit card is good for budgeting and convenience but does not affect your credit.

A prepaid debit card is preloaded with your own money, typically through direct deposit, cash or check deposits, or online transfers from a checking account.

The card is used for transactions until the money runs out. Since there is no line of credit, you cannot run up debt on the card.

This is a great option for a young person who needs to learn how money works or for adults with a bad credit history, though it will not improve their credit scores.

Credit Cards That Save You Money on Interest

If you’re prone to carry a balance month to month, you might want to consider a low-interest card. While these types of credit cards don’t come with bells and whistles like airport lounge access, it is the financially prudent option if you have an irregular income or you carry a balance each month.

It might be best to look for a card that offers an initial APR of 0% and then an ongoing low interest rate.

Keep in mind that low-interest credit cards usually require a good credit score to qualify. Generally, the better your credit score, the lower your interest rate. The lowest advertised APR isn’t always what an applicant gets.

Recommended: Does Applying for a Credit Card Hurt Your Credit Score?

Balance Transfer Credit Cards

If you are in credit card debt, a balance transfer credit card could help you pay off your debt at a lower interest rate.

Interest rates and terms vary widely with balance transfer credit cards. A balance transfer card will often come with a 0% APR introductory period, but once that ends, the interest rate shoots up.

It’s important to pay attention to the fine print if this is an option you’re considering.

The Takeaway

Choosing the most rewarding and suitable new credit card can become a research project. It’s best to think about your spending habits, needs, credit history, APR, any annual fee, and perks.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Insider trading is illegal trading in financial markets using confidential (or “insider”) information to the investor’s own advantage—and it can be a criminal offense in the investments market.

Trading specialists have outlined the term “confidential information” as material information about an investment vehicle (like a stock) that is not available to other investors. That insider knowledge can tilt the playing field in favor of the recipient, leading to an imbalanced trading landscape that investment industry regulators rigorously attempt to keep fair and balanced.

History of U.S. Insider Trading Laws

Insider trading rules and regulations in the U.S. date back to the early 1900s, when the U.S Supreme Court ruled against a corporate executive who bought company stock based on insider information. The ruling, based on common law statutes long used by the United Kingdom, laid the path for Congress to pass a law prohibiting sales security fraud (the 1933 Securities Act of 1933) that was further solidified by the Securities Exchange Act of 1934.

Those laws not only prohibited the profit of securities invested tied to insider information, they also largely blocked quick turnaround trading profits by an investor who owned more than 10 percent of a company stock.

Fast forward to 1984, when Congress passed the Trading Sanctions Act, and 1988, and the passage of the Securities Fraud Enforcement Act of 1988, which set financial penalties of three times the amount of income accumulated from insider trading, further clarifying the definition and rules surrounding insider trading.

Examples of Insider Trading

Despite the blanket term of “insider trading”, the practice can manifest itself in myriad ways. Broadly, anyone at all who steals, misappropriates, or otherwise gathers confidential data or information, and uses it to profit on changes in a company’s stock price, might be investigated for insider trading.

Here are some common examples:

•  A company executive, employee, or board member who trades a corporation’s stock after being made aware of a particular business development could be engaging in insider trading. “Insider” developments like the sale of the firm, positive or negative earnings numbers, a company scandal or significant data breach, or other piece of information that would likely sway the company’s stock price could be construed by regulators as insider trading.
•  Any associates—like friends, family, or co-workers—of the above execs employees, or board members, who also trade on private information not available to the investing public, may be targeted for insider trading.
•  Executives and staffers of any company that provided products or services to a company that obtains information about a significant corporate move that would likely sway the firm’s stock price could be trading on “inside” news. Think of a bank, brokerage firm, or printing company that might have knowledge of company news before it is released to the investing public, and who uses that knowledge to profit from the information.
•  Local, city, state, or federal government managers and employees who may come across sensitive and private information on a company that’s not available publicly, and use that knowledge to profit from a change in the company’s stock price, could be involved with insider trading.

The above examples are among the most egregious insider trading scenarios, and are also more likely to become an enforcement priority for government regulators.

Is Insider Trading Ever Legal?

There are scenarios where what is technically considered “insider trading” is in fact legal under federal regulatory statutes.

For instance, anyone employed by a company falls under the definition of an insider trader. But as long as all stock transactions involving the company are registered with the U.S. Securities and Exchange Commission in advance, any employee stock transaction is perfectly legal.

That’s the case whether a rank-and-file employee buys 100 shares of company stock or if the chief executive officer buys back shares of the firm’s stock—even if that more high-profile trading activity significantly swings the company’s share price.

Who Enforces Insider Trading Rules?

Insider trading enforcement measures operate under the larger umbrella of the U.S. government.

Like any criminal case, the sequence of enforcement events may begin with an investigation, a review of the investigation’s results by government regulators, an arrest and arraignment, a court case in front of a judge, and incarceration in the penal system (or regular review by a probation officer if the charge results in a more lenient sentence).

How Insider Trading is Investigated

Insider trading investigations usually start on the firm level before the SEC gets involved. Self-regulating industry organizations like the Financial Industry Regulatory Authority (FINRA) or the National Association of Financial Planners (NAPF), for example, may also come across illegal trading practices and pass the lead on to federal authorities.

It’s also not uncommon for insider trading practices to be revealed by government agencies other than the SEC. For example, the FBI may run into insider trading activity while pursuing a completely separate investigation, and pass on the tip to the SEC.

When the U.S. Securities and Exchange Commission (SEC) investigates potential insider trading cases, they do so using multiple investigatory methods:

Surveillance. The SEC has multiple surveillance tools to root out insider trading violations. Tracking big variations in a company’s trading history (especially around key dates like earnings calls, changes in executive leadership, and when a company buys another firm or is bought out itself) is a common way for federal regulators to uncover insider trading.

Tipsters. Investors aware of insider information, especially those who lose money on insider trades, often provide valuable leads and tips on insider trading occurrences. This often occurs in the equity options market, where trade values increase significantly with each transaction, and where stock prices can especially be vulnerable to big price swings after suspicious trading activity in the stock options marketplace.

If, for example, a trader with inside information uses it to buy company stock or to buy an option call for profit, the party on the other side of the trade, who may stand to lose significant cash on the trade, may alert the SEC that profiteering via inside information may be taking place. In that scenario, the SEC will likely appoint an investigator to follow up on the tip and see if insider trading did occur.

Company whistleblowers. Another common alert that insider trading is occurring comes from company whistleblowers who speak up when company employees or managers with unique access to company trading patterns seem to be benefitting from those price swings.

What Happens in an Insider Trading Investigation

When federal regulators are made aware of securities fraud from insider trading, they may launch an investigation run by the SEC’s Division of Enforcement. In that investigation . . .

•  Witnesses are contacted and interviewed.
•  Trading records are reviewed, with a close eye on trading patterns around the time of potential insider trading activity.
•  Phone and computer records are subpoenaed, and if needed, wiretaps are used to gain information from potential insider trading targets.
•  Once the investigation is complete, the investigation team presents its findings to an SEC review board, which can decide on a fine and other penalties (like suspension of trading privileges and cease-and-desist orders) or opt to take its case to federal court.
•  After the court hears the case and decides on the merits, any party accused of insider trading is expected to abide by the court ruling and the case is ended.

Penalties for Insider Trading

An individual convicted of insider trading can face both a prison sentence and civil and criminal fines—up to 20 years and as much as $5 million. Additionally, civil penalties may include fines of up to three times the profit gained or loss avoided as a result of the insider trading violation.

Companies that commit insider trading can face civil and criminal fines. The maximum fine for an entity whose securities are publicly traded that has been found guilty of insider trading is $25 million.

The Takeaway

Insider trading—executing a trade based on knowledge that has not been made public—is a serious offense and can lead to severe punishment, including jail time and heavy fines.

That’s all for good reason, as restrictions on insider trading help ensure a balanced financial trading market environment—one that accommodates fair trading opportunities for all market participants.

Investing shouldn’t be complicated. SoFi Invest® online trading accounts offer an active investing solution that allow members to choose assets such as stocks and ETFs, as well as an automated investing solution that invests around your goals and risk.

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