In many cases, a home you own often won't count against you for a variety of supplemental support. That said, there are some cases when exceptions apply where it will, such as some cases, i.e. if both under 65 & income you produce from the home could disqualify you (i.e. renting out rooms).
Homeownership typically helps, not the other way around.
Impact on Cash vs Mortgage Purchases
In most cases, the longer that you've owned a home (or the stronger your equity position, i.e. cash purchasers), the more that having a home will help you if you become disabled or retire. When it comes to assistance for the disabled &/or low income, cost reducing options are critical, as it's your income primarily, in some cases your disability, & in some cases non-excluded assets that count against you.
Section 8: There are Ownership Options with It
Social Security Including SSI & SSDI: Home Typically Excluded
SSI Supplemental Security Income: Home Ownership Not Typically Counted Against Someone
SSI: Public Shelter 2/3 Rule Could Negatively Impact SSI
SSI: Other Living Situation Potential Negative Impact to SSI
More on Social Security Exclusion of the Home
SSDI Social Security Disability Income: Home Ownership Not Typically Counted Against Someone
SS Social Security Retirement Income
Disclaimer
Medicaid: Home Typically Excluded
Per dss.virginia.gov "REAL PROPERTY EXCLUSIONS FOR THE AGED, BLIND AND DISABLED" document:
Medicaid: Disclaimer
Medicaid: Home Definition & Impact Basics: Home Typically Excluded
Medicaid: Nursing Homes
Medicaid: When Real Property Other than the Home Doesn't Count Against You
Medicaid: Selling Real Property
Medicare: No Negative Impact by Homeownership
Mortgages & Programs to Reduce Home Cost
About the Author: Adam Garrett - 3rd Generation REALTOR®
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