Can I Get An Interest Free Loan From Social Security. If this strategy were widely adopted, it would cost social security $6 billion to $11. However, any funds that you borrow which you do not spend in that month will count toward your ssi resource limit of $2,000 for an individual (or $3,000 for a couple) the next month.
As these faith based groups do not want the elderly person to go without, so they can offer even interest free loans for paying for everything from medications to housing or utilities. You would never get a lump sum amount like a real loan and you'd have to pay back all your benefits within 12 months or you'd be locked into you initial social security filing strategy. If you enter into a valid loan agreement, the value of the cash or item you receive is not income and does not reduce your supplemental security income (ssi) benefit.
Any benefits paid out must be returned to social security, but there's no interest charged.
If you enter into a valid loan agreement, the value of the cash or item you receive is not income and does not reduce your supplemental security income (ssi) benefit. If you do not have a social security number, you can still get a loan with stilt. An unconventional strategy allows individuals to use early social security benefits like a “free loan,” paying back the principal while keeping the interest. For example, if borrower on social security income is receiving a monthly income of $1,000 from social security, we can modify the $1,000 gross monthly income by an additional $150 per month or 15% to reflect the borrower is making $1,150 on fha loans.
