Posted on 10/15/2013 2:30:30 AM PDT by jodyel
Wondering if anyone knows about home loan/mortgage programs geared to the disabled, and if anyone has ever gotten one based strictly on disability income.
Thanks for any/all info!
“Oh ya think?? Still here you are making assumptions and accusations.”
The poster to me brought up the “freeloader” topic. it’s true, I have no idea if he is a freeloader or not. That’s why I pity the dependence on government - regardless of the reason (freeloader or not).
I accuse the poster of nothing, simply observing his/her willing long-term dependence on a government entitlement program, and expressing pity that America has come to this, and this erstwhile conservative board has also come to this.
Thanks, halfright, for the support.
What one gets on disability is not really enough to live in conventional housing so that is why I went in search of something else. And that small home is absolutely perfect.
I will be getting a very small pension from my last job at an airline in a few more years and that will help. I don’t get food stamps or any other sort of help so need housing that will make me more independent and self sufficient in spite of what others like to think.
What is HELC and HEL? Sorry, but am new to all this. Have never owned a home so don’t know the terms.
I actually did have a small home-based business for the first few years I was not able to work outside anymore and that kept me off disability for awhile. But then the work became less and less until it finally dried up altogether and that is when I had to look into disability.
Thank you very much for the information, Heartland.
I will now have much more confidence in approaching lenders.
Do you have any advice as to what interest rate I should try to stay under and if I should take a smaller term to pay off the loan...say 10 years?
It is for some people, and the numbers suggest it's becoming the entitlement program of choice for people who can't find work. As a landlord, I've seen countless applicants who receive SSDI for everything from "attention deficit" to being obese.
How many times do you need to be told it is NOT AN ENTITLEMENT check?
Are you so prejudiced that you cannot see this is what I paid into the system?
Will you be giving back your SS retirement payments when you retire?
Go and do your research before you open your mouth and talk about something you know nothing about. Several others have said the same thing and you continue to spew about a subject you don’t know anything about.
When you have the facts about what disability is, then I will be happy to discuss it with you. Till then, you are just another ignorant mouthpiece.
Shorter the term the better; pay as much principal as you can have in your budget.
Another issue. The picture you posted made it look like a unit in a mobile home park. If that is the case you can’t use regular mortgage financing; you will have to go to a lender that does mobile homes (higher rates).
If you own the land under it and it’s not in a park; then you can use regular financing.
My wife and I live in a double-wide we bought when I was working. We bought on a ten year note and the house was custom built at the factory for her needs. She is quadriplegic. That's about as disabled as disabled can get. Myself and family members built a ramp etc to get in the house. It's worked for her for 22 years now.
Now the downside. Five years into the payments I could no longer work. I made several honest and hard fought attempts to stay working and finally under advice of several doctors and a Disability examiner I stayed retired. That was 18 years ago. Up till about five years ago I could do most of the maintenance. Now I have to be very cautious to even use a step ladder to change inside bulbs. Leaves on the roof etc my son in law handles. Doctor told me stay off ladders after several bad falls. So things I can't fix now either family does it or I have to pay a service call. BTW my profession was commercial building maintenance.
Look at the cost and the drawbacks of home ownership vs an accessible rental. For some renting is a better option as maintenance is included in the rent. Many apartment complexes do have accessible apartments even at full rent private pay.
For more severe physical disabilities the cost of living will be much higher. For example a person confined to a wheelchair must have adaptive transportation. Wheelchair lifts are not cheap and as far as I know no program covers them. We've been buying used full sized high top vans for years. If you go for a mini van with a cut out {lowered} floor be very aware of the extreme low clearances underneath. You have to factor all this in as to whether you can afford a home.
If not for family we would have lost our home. It took me none months counting the appeal process to be approved. During that time I had zero income and my wife's then $350 disability check was the house payment for the month.
Buy or rent wisely.
Thank you, snipe.
I am in a rental home that is no longer affordable so that is why I was wanting to purchase that small home I posted an image of. It would be brand new so as long as I took care of it I should be good for many years. And I am not hard on things. I do have my own transportation...a 1998 Nissan Sentra with just over 30K miles on it. Needs new tires badly but other than that it is still chugging along. I don’t drive much except to get groceries and food.
A much lower housing payment would also allow me to take care of some health issues I have and make copays and deductibles...which I am not able to do now.
It seems an all around better plan than to stay in housing that takes everything and leaves me with nothing for healthcare or other needs.
Was thinking of an acre of land and include that in the financing. Is that possible?
Thanks much,
jodyel
Yep that will work then. Most companies that sell these things know how to install them.
Rural water is best if available; a septic system would probably be needed unless you could hook into something there.
They need concrete piers into the ground. Some loans will require a structural engineer to certify the unit was installed properly.
Also the title to the unit must be “surrendered” to the county. Essentially it has a car like title that needs to be merged into the land beneath it.
Not all lenders can work with manufactured housing. It does have some difficulty.
Understood, and I also just sent you a PM with a little more info on the situation.
Thanks for taking the time to tell me these things.
Just because a person become unable to work as in hold down gainful employment due to disability or disabilities doesn't mean they stop being an asset to family and society. I worked before disability on the average of 54 hour weeks and I was a full time medical caregiver at home. Actually I was caregiver to two persons and working. Our daughter was laid up for a few months from a car wreck. She was the caregiver when I was working.
Finally after about a year of increasing functional issues one night my body and brain said enough. Some life long neurological issues I had been able to function with while working had reached a point where I couldn't. I didn't see any point in getting someone killed tryi any longer.
I'm still a caregiver I have about as much knowledge & skills as a LPN. Because of than my wife can live at home. When dad a couple years ago was terminal with cancer I became nurse because I was the family member who knew what to do and could handle it mentally. Mom is up in years and yes I'm going to care for her as well.
Yes I've seen severely disabled persons work. I have a cousin that holds a government job. She has to have a full time assistant {government paid employee} to care for her needs and assist her at work. You want to talk about cost?
Some disabilities are visible and obvious some are not. Mine as of yet doesn't have a medical name because it is several overlapping conditions. It involves or started in the Inner Ears they know that much and I'm also one eye functional from birth. But the seizures that started happening and my loss of ability to concentrate and tolerate noises etc is what finally forced me to retire.
I look as healthy as a horse. My concentration ability on a lot of days is low. When that hit me so did PTSD from a bunch of events that finally brought me to the point. The PTSD I got over the rest I didn't.
For two days after my last night at work all I could do was answer yes and no questions. Would you want a Boiler Operator in that condition? Certain noises, certain visual stimulation set my condition off. Add to that my feet and legs are arthritic from 56 years of walking off balance. I wear corrective shoes but my walking especially on concrete is limited. Arches fell and I'm also Club footed both feet. The only visible hint of disability is a cane I use for balance and to lift myself back up from the floor if I have to kneel down to pick something up.
For 28 years my wife and I have done as much as we can for ourselves. She was a health care worker when she went quad. A 4'10" 85 lb woman lifting patients in and out of bed. Her body due to that and likely Polio at some point in her childhood said enough is enough. She was 35 when it hit her and in about an hour she walked no more.
But hey if she could get up and walk then by golly she darn well would. Now you want to do some basic math? When I retired 18 years ago I worked in a nursing home. Rooms were well over $100 plus a day just room and board.
Let's do some figuring here. Lets take a basic figure of $125 a day times one year. That equals out to $45,625 a year just for room not counting meds etc. Now lets multiply that yearly figure by 28 years and we get 1,227,528. OK now let's take a SSDI payment averaged out $500 a month times 28 that comes to $168,000 total disability payments my wife has likely drawn in 28 years. BTW medically she qualifies for a nursing home. Which was cheaper? 28 years and her check is now $620 a month. I draw a whopping $850. I only draw $850 because my last two years working I took every minute of overtime I could get.
You read about the abuses and yes I know there are gamers out there. Although the few persons I do know who are on disability besides my wife and I all had to hire a lawyer and wait two plus years. My wife was even turned down first time. A lot of people confuse SSDI with SSI as well. We do not draw SSI.
Working in a nursing home I saw something many don't see. Parents that could still live at home with some assistance placed i nursing homes because the kids they brought into the world turned out to be "I refuse to help my family" adults. Granted some persons due to things like Dementia and Alzheimer's must be placed in secure facilities for safety. Family would come in for their once a year visit to their parent. They were usually the ones wjhho also bitched the loudest about the care being given.
Because of total cost for sq ft we chose a double wide. Mobile homes BTW sell by the square foot. Single wide or double doesn't matter in that respect. If we had built a house likely at double the cost of the 1200 sq ft we live in we would have had a real hard time paying it off and likely lost it. We also had two teenage kids at home. I was in my early 30's when we bought it. I was also in a lot better health so the double wide was a wise choice vs a house payment of at least double as fate soon showed. We had the company put in full size {house} doors in all rooms for starters.
“How many times do you need to be told it is NOT AN ENTITLEMENT check?”
Of course it is an entitlement check. like you said, there is no shame.
But dependency is a pity.
HELC= Home Equity LINE OF CREDIT
HEL= Home Equity Loan
Depends on your situation and needs...
Best of luck!
RFEngineers are a funny lot.....Look, you are paying for YOUR disability insurance through deductions. You pay for it...it is not an entitlement. Stay away from the RF...it will fry your noggin’
When I became disabled we were spared the high medical cost because other than some diagnostic testing I had done while I was still covered by my employer my main cost was medication. It didn't require any hospital time.
Having a good job doesn't exempt people either. My B.I.L. was an engineer. Sis had several strokes the first of which he was still employed. The next two he had no insurance because he had been laid off when the strokes happened. He went to work after that at a Temp company then permenant about a year before he passed. He died owing the hospital thanks to the newer insane bankruptcy laws.
Sis has Dementia now and is drawing disability because she reached 59 years of age, disabled, and a widow. She was a stay at home mom and never worked. It helps cover some of the cost of assisted living. Right now she's still private pay. She's in the stage where she has to be watched 24/7 and can't walk off. The hospital got paid when B.I.L. passed and life insurance he invested deeply into paid off. He was just a couple years from retirement and died at work.
Most persons when they loose their employer paid or partially paid insurance the medical bills become 100% patient owed. How can you then pay COBRA and it's crappy coverage with no money coming in? This is usually at the 30-90 day mark depending on how generous the employer is, coverage, etc. After that the income stops but bills don't. You can be in debt several hundred thousand dollars in a weeks time.
Yep there's private disability insurance out there. Most of it has lifetime caps and most is out of reach cost wise to lower middle class and below workers. I'd imagine a person would have to hire a lawyer to collect it as well.
So then is your SS retirement going to be an entitlement?
What do you think we pay FICA taxes for?
You really are clueless.
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