The Law Offices of Sheryl Gandel Mazur
North New Jersey: 973-200-6629
South New Jersey: 609-207-7905

Living off of SSD benefits and purchasing a home

No one expects to live with a disability, especially when they were not born with a disabling condition and they are still young. Nonetheless, accidents and illnesses occur, causing some New Jersey residents to learn how to live with a disability decades before they have reached retirement age. In some cases, young individuals who have yet to settle down and start a family are disabled. This can seem like a huge roadblock in their life because they are unable to work and have so much they still want to do.

One of the many goals for any American citizen is to buy and own a home. This is the American dream; however, it comes with a large price tag. A home is a major expense, and for those unable to work, it seems like an impossible dream to live. Fortunately, even those collecting Social Security disability benefits can purchase a home.

Those currently receiving and living off of Social Security Disability Insurance or SSDI fear that they will not qualify to buy a home. The reality is that many individuals receiving SSDI do qualify to purchase a home; however, they will have to overcome some unique hurdles to do so.

In order to receive SSDI benefits, one must have accumulated enough work credits. This means that he or she must have worked enough before applying for SSDI. The main challenge faced by SSDI recipients trying to buy a home is the fact that they do not know how long this benefit income will last. For lenders, it is difficult to assess whether the applicant has a stable income because the SSA only provides information that the applicant is receiving benefits and does not provide guarantees for the future. Thus, an applicant may need more information or seek out assistance from non-profits for help.

Homeownership is available for those living with disabilities. While the process can be slightly different from those not living with disabilities, it is still a possible endeavor. Those dealing with issues related to their SSD benefits should take the time to understand their rights and how best to resolve the matter.

Source: Zillow.com, "Buying a House on Disability Benefits or SSI," Brittan Jenkins, Jan. 19, 2018

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