Can you own property on SSD? - Forums at Psych Central



advertisement
Reply
 
Thread Tools Display Modes
Old 08-17-2018, 05:00 PM #1
Aviza's Avatar
Aviza Aviza is offline
Poohbah
 
Member Since: Jan 2013
Location: Midwest
Posts: 1,210
Aviza Aviza is offline
Poohbah
Aviza's Avatar
Aviza has no updates.
 
Member Since: Jan 2013
Location: Midwest
Posts: 1,210

5 yr Member
45 hugs
given
PC PoohBah!
Default Can you own property on SSD?

It will take me a few years to pay down debts and build savings, but I want to own my own townhouse. Still building credit, but it's a goal of mine. I just wonder if being on disability will ruin that goal.
__________________
Son: 14, 12/15/2009 R.I.P.
Daughter: 16
Diagnosis: Bipolar with Psychosis. Latuda 80 mgs.
Roprinole 4 mg. 3x/day
Aviza is offline   Reply With QuoteReply With Quote
Hugs from:
"Thanks for this!" says:

advertisement
Old 08-18-2018, 08:56 PM #2
Wild Coyote's Avatar
Wild Coyote Wild Coyote is offline
Wise Elder
Community Liaison
 
Member Since: Jun 2016
Location: USA
Posts: 9,649
Wild Coyote Wild Coyote is offline
Wise Elder
Community Liaison
Wild Coyote's Avatar
Wild Coyote has no updates.
 
Member Since: Jun 2016
Location: USA
Posts: 9,649 (SuperPoster!)

2 yr Member
55.2k hugs
given
PC PoohBah!
Heart Re: Can you own property on SSD?

I do not think the fact that you receive SSDI per se will hamper your owning a home; however, you will need enough monthly income to "qualify" for your mortgage.

If you have enough monthly income (and any needed down payment) to "qualify," you can likely purchase a property. Remember that condos also have monthly condo fees and those figure into the monthly payment (in addition to the mortgage) when financing a condo.

In my state, we have a "Land Trust," which sells properties for less than their market value; yet, when you sell, you must share a portion of your home equity profits with the Land Trust. This makes homes more affordable to those needing affordable housing. You might be interested in whether your state has a similar program.


I hope your dream of owning works out for you!



WC
__________________
May we each fully claim the courage to live from our hearts, to allow Love, Faith and Hope to enLighten our paths.
Wild Coyote is offline   Reply With QuoteReply With Quote
"Thanks for this!" says:
Old 08-21-2018, 12:04 PM #3
Deejay14's Avatar
Deejay14 Deejay14 is offline
Poohbah
 
Member Since: Sep 2016
Location: USA
Posts: 1,306
Deejay14 Deejay14 is offline
Poohbah
Deejay14's Avatar
Deejay14 has no updates.
 
Member Since: Sep 2016
Location: USA
Posts: 1,306

2 yr Member
35 hugs
given
PC PoohBah!
Default Re: Can you own property on SSD?

Yes you can own property. It's just about earning enough to qualify for your mortgage.
__________________
True happiness comes not when we get rid of all our problems, but when we change our relationship to them, when we see our problems as a potential source of awakening, opportunities to practice patience and learn.~Richard Carlson
Deejay14 is offline   Reply With QuoteReply With Quote
"Thanks for this!" says:
Old 08-24-2018, 10:11 AM #4
amandalouise's Avatar
amandalouise amandalouise is offline
Wise Elder
 
Member Since: Mar 2009
Location: NY
Posts: 8,270
amandalouise amandalouise is offline
Wise Elder
amandalouise's Avatar
amandalouise has no updates.
 
Member Since: Mar 2009
Location: NY
Posts: 8,270 (SuperPoster!)

10 yr Member
772 hugs
given
PC PoohBah!
Default Re: Can you own property on SSD?

Quote:
Originally Posted by Aviza View Post
It will take me a few years to pay down debts and build savings, but I want to own my own townhouse. Still building credit, but it's a goal of mine. I just wonder if being on disability will ruin that goal.
owning your own home is called having "assets" a person on SSI and SSDI can have a certain amount in "Assets" if your home has been assessed at being worth more than the amount allowed for assets monetary value then you will be denied or cut off SSDI. why because Social security figures if you have that asset you could sell it, use the money received to support yourself by renting or buying a cheaper home, food, clothing that you may need.

my suggestion is contact your social security department. they will be able to tell you how much "assets" you can have and still receive SSDI
amandalouise is offline   Reply With QuoteReply With Quote
Old 08-24-2018, 05:58 PM #5
Rose76's Avatar
Rose76 Rose76 is online now
Wise Elder
 
Member Since: Mar 2011
Location: USA
Posts: 9,510
Rose76 Rose76 is online now
Wise Elder
Rose76's Avatar
Rose76 pondering what to do next.
 
Member Since: Mar 2011
Location: USA
Posts: 9,510 (SuperPoster!)

8 yr Member
4,031 hugs
given
PC PoohBah!
Default Re: Can you own property on SSD?

Social Security Disability Income is not "means tested" (as is SSI.) Owning a mansion on 10 acres would not disqualify you from receiving SSDI, if that is what concerns you. You can acquire all the assets you are able to.

If SSDI is your sole source of income, then I don't see how you will be able to afford to buy a home, even a small town house.

You are allowed to work part time and earn some money, without losing SSDI. That might help you to achieve your goal.
Rose76 is online now   Reply With QuoteReply With Quote
Old 08-24-2018, 10:37 PM #6
Travelinglady's Avatar
Travelinglady Travelinglady is offline
Legendary Wise Elder
 
Member Since: Sep 2010
Location: North Carolina
Posts: 30,202
Travelinglady Travelinglady is offline
Legendary Wise Elder
Travelinglady's Avatar
Travelinglady is heading away from Ohio today.
 
Member Since: Sep 2010
Location: North Carolina
Posts: 30,202 (SuperPoster!)

8 yr Member
16.5k hugs
given
PC PoohBah!
Default Re: Can you own property on SSD?

Definitely. Hubby and I just bought a house and we are both on disability. But, yes, you need the money to pay the mortgage.
__________________
Travelinglady is offline   Reply With QuoteReply With Quote
"Thanks for this!" says:
Old 09-12-2018, 01:53 PM #7
Cocosurviving's Avatar
Cocosurviving Cocosurviving is offline
Elder
 
Member Since: Sep 2012
Location: Oklahoma
Posts: 5,327
Cocosurviving Cocosurviving is offline
Elder
Cocosurviving's Avatar
Cocosurviving Anxiety go away
 
Member Since: Sep 2012
Location: Oklahoma
Posts: 5,327 (SuperPoster!)

5 yr Member
274 hugs
given
PC PoohBah!
Default Re: Can you own property on SSD?

I hate to be a downer but if you are single and just only getting SSDI that is not a good idea. My grandmother is in that boat because my grandfather passed. She is struggling month to month on SSDI. Her house is older now and needs work. Then think about when storms happen and a tree hits your roof and your insurance says its not covered. My mom went through that. Every summer my grandmother is stressed about paying someone to cut her yard twice a month. She use to cut her own yard until her health got bad. Do what ever you choose I just wanted to forewarn you.
__________________
"I Have Bipolar Disorder. I Will Die With It, But I Refuse To Die From It" --Brad Hoefs

Twitter: @cocosurviving
Cocosurviving.wordpress.com
Cocosurviving is offline   Reply With QuoteReply With Quote
"Thanks for this!" says:
Old 09-12-2018, 08:01 PM #8
IowaFarmGal's Avatar
IowaFarmGal IowaFarmGal is offline
IFG
 
Member Since: May 2012
Location: Iowa
Posts: 91,987
IowaFarmGal IowaFarmGal is offline
IFG
IowaFarmGal's Avatar
IowaFarmGal wonders if she can get back a life
 
Member Since: May 2012
Location: Iowa
Posts: 91,987 (SuperPoster!)

5 yr Member
20.5k hugs
given
PC PoohBah!
Default Re: Can you own property on SSD?

What Assets Count Toward the SSI Asset Limit
cash.
money in a checking or savings account.
cash value in life insurance policies (over $1,500)
stocks and bonds.
household goods and personal effects (over $2,000)
motor vehices (except for one), and.
real estate (other than the home in which a claimant resides).

Rent is so high I don't know what I could do. I inherited a house, but have no money to maintain it, but at least it's a place to live.
__________________
IowaFarmGal is offline   Reply With QuoteReply With Quote
Old 09-12-2018, 08:04 PM #9
downandlonely downandlonely is online now
Poohbah
Chat Moderator
 
Member Since: Mar 2018
Location: United States
Posts: 2,398
downandlonely downandlonely is online now
Poohbah
Chat Moderator
downandlonely has no updates.
 
Member Since: Mar 2018
Location: United States
Posts: 2,398 (SuperPoster!)

1 yr Member
7 hugs
given
Default Re: Can you own property on SSD?

I've heard that owning can be more expensive and more of a hassle than renting. If something breaks in my place, maintenance fixes it, and I don't have to pay any extra. If you're on disability, how will you afford it if your home needs some major work done?
downandlonely is online now   Reply With QuoteReply With Quote
Old 09-16-2018, 04:37 PM #10
Aviza's Avatar
Aviza Aviza is offline
Poohbah
 
Member Since: Jan 2013
Location: Midwest
Posts: 1,210
Aviza Aviza is offline
Poohbah
Aviza's Avatar
Aviza has no updates.
 
Member Since: Jan 2013
Location: Midwest
Posts: 1,210

5 yr Member
45 hugs
given
PC PoohBah!
Default Re: Can you own property on SSD?

Well I'm on disability and work part time. I'm running numbers to see if it's something I can do. Right now even applying for a mortgage is 6 months out due to bankruptcy and just starting my job. This is motivating me to start a saving plan, otherwise I've just been living hand to mouth really. I can cut corners and put money aside.

Also my brother has friends who can do repairs for less money. I know if big things break like water heaters, etc. That could be a problem. But my brother works for a company where I can get most appliances at cost. I have credit cards, and am building my savings. If goes according to my plan I can have about 9K in two years saved. Starting this month.
__________________
Son: 14, 12/15/2009 R.I.P.
Daughter: 16
Diagnosis: Bipolar with Psychosis. Latuda 80 mgs.
Roprinole 4 mg. 3x/day
Aviza is offline   Reply With QuoteReply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 07:33 AM.

Powered by vBulletin® — Copyright © 2000 - 2019, Jelsoft Enterprises Ltd.



 

advertisement

Psych Central Forums

Psych Central is the leading mental health website, overseen by mental health professionals since 1995.

 

Helplines and Lifelines

The material on this site is for informational purposes only, and is not a substitute for medical advice, diagnosis or treatment provided by a qualified health care provider. .

Always consult your doctor or mental health professional before trying anything you read here.
Please read the full disclaimer.