Financial Resources
Guides/Pamphlets
SSA Publication Guide for Representative Payees
We deliver services through a nationwide network of over 1,400 offices that include regional offices, field offices, card centers, teleservice centers, processing centers, hearing offices, the Appeals Council, and our State and territorial partners, the Disability Determination Services. We also have a presence in U.S. embassies around the globe. For the public, we are the “face of the government.” The rich diversity of our employees mirrors the public we serve.
Possibilities: A Financial Resource for Parents of Children with Disabilities
A booklet first published in 2004 by the National Endowment for Financial Education (NEFE) and PACER, has been revamped and expanded in an online format. This guide offers tips and information on organizing financial records, managing money, dealing with debt, preparing income taxes, saving for college, preparing youth for adult employment, and more. Each section includes links to additional resources. For more information, please visit http://www.pacer.org/publications/possibilities/
Loans/Tax Relief Programs
E-Z Access Loan Program
This program offered by the Amalgamated Bank of Chicago targets two specific groups, including individuals with disabilities and businesses that are seeking to comply with requirements of the ADA. The Bank has funds to make loans available at reduced rates. Important features include their willingness to lend as little as $500 over a 12 month period (60 months for larger purchases). Their credit terms are relaxed, i.e., items not often included as income are for this program (social security benefits, disability checks, etc.)
For more information, visit http://www.aboc.com/.
Federal Housing Administration (FHA)
Two loan guarantee programs from the Federal Housing Administration, Title 1 and 203K loans have loan size limits. The FHA programs can provide direct loans with below market interest rates (to 1%), higher than normal debt ratio (to 1%), extended terms (to 33 years), low down payments or financed closing costs. These loans can be used for acquisition or rehabilitation. The 203K program will also loan up to 80% of the repaired value of the home, making it useful for a household that chooses to move and make accessibility improvements in the new home. For details, call 312-866-2729.
Income Tax Deductions
Many people can take advantage of income tax deductions under the federal tax code. To do so, the cost of the modifications must be treated as a medical deduction and be itemized and shown as an expense on federal tax form 1040 “Schedule A”. In order for home modifications or equipment to be treated as a tax deduction, they must be certified by a physician as being required for health reasons. For a renter, the cost of accessibility modifications becomes a deduction from taxable income. Homeowners can also deduct modifications cost from income but need to account for any increase in the value of the home. A written opinion from a competent real estate appraiser specifying how much and why the home’s value has increased is necessary and an experienced accountant should be contacted.
Plans for Achieving Self-Support (PASS)
Supplemental Security Income (SSI) allows participants to set aside income for accessibility projects. Without jeopardizing benefits, it is an SSI provision to help individuals with disabilities return to work. For more information, please visit www.ssa.gov/disabilityresearch/wi/pass.htm
Ready Access Program / Opportunity Illinois Program
The Treasurer’s Office and financial institutions work together to assist individuals with disabilities by providing capital to the borrower at a lower rate of interest. The Treasurer’s Office deposits state funds with participating financial institutions which then make low-interest Ready Access loans. The funds earn interest for taxpayers and are fully protected against loss.
Available through participating financial institutions. Maximum amount is $50,000. Available for up to 5 years at a fixed rate of interest that is below market rate. The Ready Access Program does not provide for medical services, pharmaceuticals, psychological services, therapy and/or therapeutic devices.
Illinois financial institutions wishing to participate in the Illinois Treasurer’s Ready Access Program should also contact the Treasurer’s Office. Illinoisans with disabilities use the Opportunity Illinois interest rate reduction to finance construction projects or purchase equipment that will help them achieve greater mobility and self-sufficiency. For more information, please visit http://www.treasurer.il.gov.
Reverse Mortgage and Home Equity Loans
These alternative methods can be utilized to finance home modifications. A financial advisor can help determine which method is feasible. For more information, contact your financial advisor for advice.
Home Equity Loan
A home equity loan is a loan that is guaranteed by your home. They can have either fixed or adjustable interest rates. The interest paid is usually tax -deductible. They can be used for vehicle purchases, home improvement or freeing of equity for investment in other real estate or investments. Contact your financial adviser for advice.
Reverse Mortgage
A reverse mortgage is a special type of loan that enables a senior homeowner to borrow against the equity of your home and receive cash without selling the home, giving up the title or making monthly payments. Special features include:
* No monthly payments
* Money is tax free
* Does not interfere with Social Security Benefits, Medicare, or Medicaid payments
* Remaining equity goes to heirs
* Retain full ownership of your home
* No mandatory repayment until you are no longer living in the home
* You cannot outlive your loan
* Use the money as you wish
This program is SAFE because it is guaranteed by the Federal Government – FHA.
This program is SMART because you can lower your monthly debt and increase your monthly retirement income.
The program is EASY because there are no income or credit qualifications.
TechConnect Low Interest Loan Program
The TechConnect Low Interest Loan Program has two parts:
1. The Assistive Technology Loan Program provides loans to Illinois residents with disabilities and/or their families on behalf of the person with a disability to purchase assistive technology devices, services, and home modifications.
2. The Telework Loan Program is restricted to Illinois residents with disabilities, 18 years and older. The loan can be used to purchase equipment, services, and home modifications for home-based employment. The equipment is not restricted to assistive technology devices. For more information, please visit www.techconnect.iltech.org
