My parents want to loan me the money to buy a home BUT I am on SSI.Can this be done? I don't want to lose my benefits by owning but this rent thing is drowning me in debt. my father would loan me the money to purchase a home and has set up a loan for 30 years at 5.25% interest.The loan amount would be $30 to $40 thousand and with a monthly payment I can afford.
2009-02-13T23:06:40Z
Its just my rent as of now is 350 per month plus avg elec bill 95(winter) gas is 65. Now add phone internet car ins. and so on I am left with very little.My loan payment would be about 250 or less per month depending on tax and ins on home.
Expert86753092009-02-14T03:22:36Z
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Money for a home that is a loan is not considered income.
That should answer your question.
PS: Roger is confusing SSI with welfare.
2sense is correct...see a real estate attorney to make sure it gets set up like a loan. A recorded note is going to be a must..if he hands you cash to buy then YES that would be income.
There is nothing wrong with owning your own home and receiving SSI. SSI is for disability income. Whether you rent or own shouldn't matter. As long as the loan is stipulated on paper which you can show if you need to, then there is no problem. The only way I see that could affect you is if you had a lump sum of cash. Since it's a loan toward a home, the contract should suffice. I don't think you have anything to worry about. Check out the SSI website..
You can own a home and still get SSI and you can have up to $2K in other assets. It is really rough trying to live on it and without family would be nearly impossible. My cousin gets it and his parents got him a mobile home on their farm so he shares their driveway. That way he can come to his parents for meals on days he can walk and when he can't his mom can bring him food. It is getting worse all the time his dad has had bad strokes and his mom has had cancer they are in their 80s so if he doesn't die soon might out live them and have nobody to take care of him.