Is there a special revolving credit I can get if I'm on disability?

1 answer | Last updated: Sep 22, 2016
Orangeunsub asked...

HI and thanks for still being here! My mom's house was put in my name when she first got ill, in case she ever needed a nursing home. That has happened. now I am in a position where I desperately need additional funding for the house etc. I want to get a revolving line of credit on my house. I am on disability also and have been for years and always will be. Are there any programs for a disabled person, who is 53 y/o to help receive this financial assistance? I ask if maybe there is a program or special disability banking loans or departments with the government or private? If not, my bank told me they are very conservative in their lending policy. Does anyone recommend an institution who they have used or heard of that might not be so much along the conservative line. My credit score is fair and I don't want extra inquiries to lower it any more.

Basically, its 1 simple question, where can a disabled 53 y/o guy get a revolving credit line on his house with no mortgage on it?


Expert Answers

Barbara Steinberg is the CEO and founder of BLS Eldercare Financial Solutions, which specializes in helping families pay for long-term care for their loved ones. A registered financial gerontologist, she speaks regularly on the topic of paying for long-term care and is a financial expert for Caring.com.

When applying for a home equity line of credit, all banks will consider your credit rating and ability to make the payments. In your case, you should look for a lender that issues FHA-insured home improvement loans. Since the government is guartanteeing that the loan will be repaid, the lender can be more flexible. However, the lender must follow federal guidelines. The federal agency HUD (Housing Authority and Urban Development) has a program called Title 1 Property Improvement. These loans can be used to make necessary improvements to accommodate disabled people. This includes widening doorways or lowering cabinets. These loans are also available for general home improvement or repair. To find FHA-approved lenders in your state, call 800-767-7468.