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on Wednesday, December 23rd, 2009 at 9:14 pm and is filed under Home Equity Loan.
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Check with your local Social Security office to find out what the cut-off is on allowable assets. Usually if you receive the money and pay the bills off in short order, they won’t do anything.
It should not affect SSDI, but why do you want to put your home at risk to pay other debts? If these are credit cards or car loans, then those creditors cannot come after your social security payment – you are judgment proof. Putting your home at risk for unsecured consumer debt is a deeply dangerous thing to do, unless you are certain your disability is a temporary situation and you will go back to working and earning more money soon.
The worst creditors can do right now is to put a lien against your house – but they cannot put you out. If you find yourself unable to make the payments on the HELOC loan, that banker can put you out and take your house.
Talk with a financial advisor about all your options before putting your home at risk. You may want to talk with a certified financial planner (see http://www.cfpnet.org) about other options for this situation. An hour consultation might only cost you $50 – $100, and is a worthwhile investment before taking on $11,000 in debt when you are disabled.