Can a person on SSI but a house or are they stuck renting for the rest of thier lives.I have found that owning is less costly per month vers renting and living on SSI monies.The reasons I ask is HUD or sect 8 the waiting list is so very long.
2009-02-11T18:58:22Z
Hi thank you for the info but I am unable to work because of nerve damage and other problems.What is the PASS you mentioned please!
2009-02-11T20:54:55Z
I am single!
2009-02-11T20:59:56Z
My parents are going to carry a loan for me of 3% interest for 30 yrs and they want to know if I would allowed toown a home on SSI so Iwill notlose my benefits.
Anonymous2009-02-11T17:51:17Z
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Of course you can, if you can afford it. Do a PASS plan to buy a house - and then get a job and put everything you earn into your PASS account and still get the SSI you get now.
ETA: Look up "PASS and SSI" on the internet. It is a program that help people who are on SSI save money to achieve certain BIG goals - like buy a house or a car or a college education. The money you put into the account is for a designated purpose only - and f you use it for something else it counts as an asset and you may have to repay your SSI the whole time you had the account.What is in a PASS does not count as an asset. Family members can put money in a PASS account or you can get a job or have an inheritance fund it.
Yes they can and a "PASS" plan is for some trying to achieve Self Support. While on the PASS Plan nothing you contribute to the PASS is counted as income to help you Save for your goal of home ownership, a car or to be able to return to work. A PASS Plan must be approved by Social Security and you must have a plan to achieve you're goal with-in a specified amount of time. You still get your full Monthly Disability and or SSI check while saving for your goal. However the money for the PASS Plan MUST be used for the stated goal or you can expect to have an overpayment and social security can make you pay them back. Look it up on Social Security's websight @ www.socialsecurity.gov Rules for a PASS PLAN.
if you have the money go for it but usually you can't have more than $2000 at any time when you are on SSI. If the money is being loaned to you or given as a gift you need to use it immediately so you don't lose your benefits. good luck
I APOLOGIZE FOR THE CAPS LOCK HAVING BEEN LEFT ON.
QUITE EASY. IF ONE IS MARRIED, THE COMBINED INCOME IS FACTORED IN. PROVIDED ONE CAN GET A LOAN, PAY PROPERTY TAXES, AND AFFORD HOME OWNERS INSURANCE. I PUT THE DEED TO MY HOME IN MINE AND MY WIFE'S NAME, YET THE MORTGAGE IS IN HER NAME. THIS HAS WORKED FINE FOR MY WIFE, MYSELF, AND 3 CHILDREN FOR 6 YEARS NOW
ONE FINAL BONUS - SHOULD I CHOOSE NEVER TO MOVE OUT, THE DEED PERMITS ME TO STAY. SHOULD SHE FORCE ME OUT SOMEHOW, THE LOAN DAMAGE IS ON HER CREDIT AND SOLELY HER RESPONSIBILITY.