Sample budget for a person on ssi3/31/2024 ![]() You may have some equitable ownership in a house if you: Equitable OwnershipĮquitable property ownership is when you have an ownership interest in a property even though your name isn't on the deed. It doesn't matter who you own the land with or how the ownership is "titled" (as tenants-in-common, tenants by the entirety, or as joint tenants). Shared property ownership is when you legally own the property with someone else (both of your names are on the deed). To count as your primary residence and be excluded from your resources, you can own the house outright by yourself, or your ownership interest can be "shared" or "equitable." Shared Ownership ![]() Note though, that in this case, if you're not paying rent for the mobile home, Social Security might consider the use of the mobile home as " in-kind support and maintenance." Type of Ownership Interest An example of this is if you live in a mobile home or trailer that someone else owns, but the mobile home is located on land that you own. What If You Own the Land But Not the Home?Įven if you live in a home you don't own, if you own the land the home is located on, the land may be excluded from your resources. Social Security will include the value of the remaining eight acres when they determine your assets. For example, if you own ten acres and your home is only located on two acres, and the remaining eight acres are separated from the house by a tract of land owned by someone else, only the two acres on which your home sits will be excluded. If you own land on which your home is located, but it's divided up by another person's property, only the value of the land on which your home actually sits will be excluded. What If Your Land Is Separated by Another Person's Property? For more information, see our article on buying a house while you're on disability. You can also buy a house without it affecting your disability benefits, as long as you're careful not to go over the asset limit when you're saving for a down payment. Yes, you can inherit a house as long as you make it your primary residence and it qualifies for the home exclusion (for instance, it's the only house you own). Can a Person on SSI Inherit a House or Buy a House? Also, the land that the house is located on and any buildings that are on the land (like a barn or garage) are excluded as well. Social Security doesn't consider the value of a house home when determining whether the home will be excluded the entire value of your house will be excluded. However, below we'll discuss a couple of weird situations where your house or all of your land might or might not be excluded from your income Does the Value of the House Matter for the Home Exclusion? Your home can be a mobile home or fixed home and can be on either land or water (like a houseboat). Your principal place of residence is the house you live in and that you consider as the main place you live (where you go back to stay on a regular basis). In addition, the home must be your primary place of residence.
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