Refinance & Mortgage Guide for People with Disabilities

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This guide seeks not only to provide the reader with the most relevant and essential resources needed to navigate the myriad of red tape and sometimes rigid processes regularly associated with real estate purchases; it also aims to educate you.

To summarize, by the end of this guide you should have a basic understanding of the following:

• The advantages and disadvantages of purchasing a home
• Keys steps to follow in the buying process
• The types of mortgages available to you as a home buyer
• Financial and Legal resources available to you
• Final tips & Warnings

Many people with disabilities agree that one way of taking charge and exercising some degree of control in their lives is by becoming a home owner. If you are currently a home owner who has recently been disabled, you may have new physical, mental and financial restrictions and needs which affect or even threaten your ongoing ability to maintain your home. Results of recent studies also reveal that only a small segment of the disabled populace own their own residences. Instead, the majority of the nation’s disabled live in group residences, therapeutic or rehabilitation institutions, nursing facility complexes, or in the home of a family member. A small percentage of children with disabilities live in adoptive or foster homes; and some communities, churches, civic groups and charitable organizations are now promoting programs which encourage families to sponsor a senior citizen, adolescent or child who is mentally challenged or physically impaired.

However, many psychologists, M.D.s and other medical staff members, social workers and community leaders agree that for the majority of disabled adults, some level of independent living is highly beneficial both to their emotional well-being and to their development of self-reliance and confidence. Of course, as home owners, they can ideally have and maintain such levels of control and responsibility in their lives, thus enhancing their feelings of self-worth and independence.

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Chapter 1 – Historical Overview

As a disabled person in the United States, whether you live in a public housing facility or a private residence, Federal laws protect you from discrimination due to your disability. Not only must all residential property owners and realtors abide by legal requirements for handicapped accessibility and usage of rental apartments and houses for sale in the present day real estate market, but they must also abide by laws prohibiting discrimination against interested potential buyers and renters with disabilities.

Another very important aspect of Federal legislation protecting the disabled is that the term “disability” has been clearly defined. By definition, a disabled individual is someone with a mental or physical limitation that causes definite and lasting impairment of at least one major life activity. Generally included impairments or handicaps are loss of hearing, mobility and sight, as well as such chronic conditions as alcoholism, drug addiction, mental illness and retardation, AIDS and AIDS related illnesses and medical conditions. The basic life activities and functions referred to are breathing, hearing, seeing, walking, talking, performing simple tasks, elementary learning and self-care. Aside from being quite helpful when applying for home healthcare services, disability insurance compensation, and various types of funding, a generally accepted definition of the term is a great aid in acquiring a good mortgage when a disabled person makes the decision to get onto the property ladder.

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Chapter 2 – Pros and Cons of a Disabled Person Acquiring a Mortgage

There are both advantages and disadvantages associated with successfully obtaining a mortgage and purchasing a home, as a disabled person.

• If you are presently receiving therapy or rehabilitation treatments at a medical or community facility, you may now choose to have these treatments provided in your new private residence by home healthcare workers. Or, if continuing to receive treatment at an ambulatory facility is best for you, you can now arrange transportation to and from that facility and your home, usually funded by your medical disability insurance.

• Homeownership comes with an immense sense of freedom and independence. As a home owner, you are free to install ramps, handlebars, beds and baths for the handicapped throughout your home, as needed. You can structure your time as you like, leading a more relaxed life than is often possible in a nursing facility or group residence.

• However, as a new home owner with one or more personal handicaps or impairments, getting the lay of your local vicinity will help the bedding in period of a new home. For instance, you will need to familiarize yourself with services and amenities readily available in your neighborhood and surrounding community. Is public and/or private transportation also available and easy to access? Do stores, shops, pharmacies and service businesses provide delivery of food, clothing, medicines, household and appliance maintenance supplies when requested? Are there smooth sidewalks and easy walking areas without steps in public areas near your house? Is wheelchair access commonly available, if needed, in buildings you will need to enter and exit? Such issues with immediate relevance and importance, as well as financial questions, can often be discussed and resolved well ahead of your move to your new home, by consulting a professional, experienced housing counselor.

• The primary financial concerns you will now face as a disabled home owner can seem somewhat overwhelming if you are confronting them alone. Yet, with the expert advice of a knowledgeable housing counselor, many potential problems can be avoided completely or dealt with quickly and efficiently.

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Chapter 3 – Getting Started in the Home Purchasing Process

Once you’ve decided you would like to become a homeowner you will need to adhere to the following steps:

At the Bank: Together with your housing counselor should contact your bank to apply for a mortgage loan. The bank will then evaluate your overall financial status by checking your annual income, yearly expenses, outstanding debts and credit history. Since you are disabled, your income and other financial data may differ substantially from those of other people in your age group who are not disabled. Your housing counselor can be helpful in outlining your special needs and limitations which affect certain figures in your financial profile. If this is your first mortgage application, your counselor and bank loan officer can also assist in your full understanding of loan down payments, mortgage rates (or interest rates), monthly principal payments and additional ongoing costs. Your counselor can also help you find other suitable financial aid programs to supplement and enhance your overall financial situation. (Some of the best informed housing counselors are obtainable through HUD, the Department of Housing and Urban Development.)

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