Answer. Social Security does not prohibit an individual from using their disability benefits to buy a house. … SSI disability beneficiaries can own the home and land they live on, but other property will be counted as an asset. And to receive SSI, you can’t have over $2,000 in assets (or $3,000 if you’re married).
Will I lose my SSI if I buy a house?
Although you might face additional challenges, buying a home on SSI is still possible. Lenders look at your income and credit score, just like they would with any other loan applicant. … If you do acquire a home loan, it doesn’t count as income and doesn’t reduce your SSI benefits.
How much property can you own on SSI?
SSI allows a single person to have only $2,000 in assets to stay eligible for SSI, and a married couple can only have $3,000 in assets. Fortunately, some assets, like the home you live in, will not be counted when determining your eligibility if you meet certain requirements. This is is called the “home exclusion.”
Does mortgage affect SSI?
Supplemental Security Income (SSI) provides extra money to individuals who are disabled and living on limited funds. … Because Social Security doesn’t count your main home as an asset, having a mortgage on it won’t affect your eligibility for SSI.
What can you own and still get SSI?
To be eligible to receive SSI benefits based on disability, an SSI applicant or a current SSI recipient who is single cannot have more than $2,000 in assets. … If an SSI applicant or recipient is married (even if only one person is eligible for disability), the asset limit is $3,000.
How can I save money if I live on SSI?
Savings options for SSI beneficiaries
- Achieving a Better Life Experience (ABLE) ABLE accounts provide a tax-free savings opportunity for people with disabilities that were diagnosed before they reached age 26. …
- Plan to Achieve Self-Support (PASS) …
- Individual Development Accounts (IDAs) …
What is the new SSI amount for 2021?
SSI benefits increased in 2021 because there was an increase in the Consumer Price Index from the third quarter of 2019 to the third quarter of 2020. Effective January 1, 2021 the Federal benefit rate is $794 for an individual and $1,191 for a couple.
What does SSI consider assets?
The assets or resources that are counted by SSI include money in the bank, investments of any kind, real estate other than a primary residence, and personal property and household goods over certain limits. SSI also counts any money or property in which you have an interest, even if you are not the sole owner.
How much can you have in your bank account with SSI?
Currently, to receive SSI (after being determined to be medically disabled according to the SSA’s rules), an individual cannot have more than $2,000 in countable assets.
Can a person on SSI live with someone?
DOES WHERE I LIVE AFFECT HOW MUCH SSI I CAN GET? Yes, it can. … If you live in someone else’s household and don’t pay your food and shelter costs or pay only part of your food and shelter costs, your SSI benefit may be reduced by up to one–third of the SSI Federal benefit rate.
Can I buy a car on SSI?
Like taking out a loan, buying a car on SSI is possible, but there are limitations to note. If you’re an SSI beneficiary, your household is allowed to own one car, so long as it’s used as a means of transportation for you and others in your house.
Can I spend my SSI on anything?
While you can use your SSI benefits for virtually anything that’s legal, you must be wary of using the money in ways that can increase your resources. … All in all, the wise way to use your SSI benefits is to spend it on essentials such as food, home, healthcare, and other living expenses.