If I receive a $15,000.00 cash voucher from Wells Fargo Bank will it affect my SSDI amount?
Upper Darby, PA |
I was one of the people eligible for this $15K cash voucher because of my low income and because I am a first-time home buyer. I'd like to purchase a home without it decreasing my SSDI amount. Is this possible.
SSDI and Supplemental Security Income (SSI) are frequently confused, even by attorneys. If the benefits you are receiving are indeed for disability through the Social Security program, then other factors in your finances are irrelevant. This is because Social Security is an insurance program, the premiums for which workers pay through payroll taxes. The result is opposite for SSI, which is a needs-based welfare program. If your benefits are actually SSI, then your benefits will be suspended temporarily until the cash is invested in a home, which for SSI purposes is a "non-countable resource."
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If you are on SSDI then is it not an income based benefit, but based on all the money you have already paid into the system. Thus, this will not have any effect on your SSDI.
DISCLAIMER: David J. McCormick is licensed to practice law in the State of Wisconsin and this answer is being provided for informational purposes only because the laws of your jurisdiction may differ. This answer based on general legal principles and is not intended for the purpose of providing specific legal advice or opinions. Under no circumstances does this answer constitute the establishment of an attorney-client relationship.
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