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The Watercooler
Financial Analysis Help Needed Re Social Security Disability
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<blockquote data-quote="flutterby" data-source="post: 555176" data-attributes="member: 7083"><p>Things I would consider: </p><p></p><p>If he has a mortgage payment, will he be able to make the payment and not spend the money somewhere else on his own? </p><p></p><p>Do a lack of expenses reduce the amount he will receive dollar for dollar? For example, if they declare fair market value rent to be $400, but he doesn't have that because his home is paid for, does he lose $400 a month or does he lose a smaller amount?</p><p></p><p>If he's going to lose that amount dollar for dollar, I'd buy the house outright and not worry about a mortgage payment with interest. Then you don't have to worry about it getting paid, and he won't be paying interest. There will also be property taxes and home owner's insurance to consider, and those together will probably be about as much - if budgeted monthly- as rent would be. Not sure how SSI counts those expenses.</p></blockquote><p></p>
[QUOTE="flutterby, post: 555176, member: 7083"] Things I would consider: If he has a mortgage payment, will he be able to make the payment and not spend the money somewhere else on his own? Do a lack of expenses reduce the amount he will receive dollar for dollar? For example, if they declare fair market value rent to be $400, but he doesn't have that because his home is paid for, does he lose $400 a month or does he lose a smaller amount? If he's going to lose that amount dollar for dollar, I'd buy the house outright and not worry about a mortgage payment with interest. Then you don't have to worry about it getting paid, and he won't be paying interest. There will also be property taxes and home owner's insurance to consider, and those together will probably be about as much - if budgeted monthly- as rent would be. Not sure how SSI counts those expenses. [/QUOTE]
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Financial Analysis Help Needed Re Social Security Disability
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