If you sell your house, your eligibility for Supplemental Security Income (SSI) may be impacted. The SSI program is administered by the social security Administration (SSA) in the United States. Individuals with little money and resources are helped financially. What you should know is as follows
What is SSI?
Supplemental security income (SSI), a needs based program, provides financial assistance to qualified people with low income and few resources. It is intended to assist with necessities like clothing, housing, and food.
Getting SSI Benefits with Available Resources:
You must meet specific income and resource requirements established by the Social Security Administration (SSA) in order to be eligible for SSI assistance. Assets such as money, real land, and possessions are examples of resources. The primary house is typically not considered a resource, although other resources may have an impact on your eligibility.
Protecting SSI Benefits When Selling Your Home:
When you sell your primary residence, the proceeds may or may not affect your SSI eligibility:
Exempt Funds: If you plan to use the sale proceeds to purchase a new primary residence or make necessary home modifications, these funds might be exempt from counting as resources for a certain period (usually around nine months).
Resource Limit: If the funds aren’t used within the specified time frame, they could be considered as resources. If the total resources exceed the allowed limit, it might impact your SSI eligibility.
Reporting Changes: Always report changes in your financial circumstances to the SSA promptly. This includes selling your home and any other changes that could affect your SSI benefits.
Consult SSI Professionals at London Eligibility:
If you’re unsure about how selling your house will affect your SSI benefits, it’s best to seek advice from SSI and benefits experts. London Eligibility can provide experienced guidance suited to your specific situation.
Remember, the rules surrounding SSI benefits and selling assets can be intricate. It’s essential to consult with experts or the SSA directly to ensure you make informed decisions and protect your benefits.