About Home Equity Loans for Disabled People

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When applying for a home equity loan as a disabled person, lenders will look at the ability to repay the loan, as opposed to the person's disability. Consider applying for special grants through community lenders that are focused on the disabled with tips from a mortgage broker in this free video on home equity loans.

Part of the Video Series: Home Equity Loans & Foreclosures
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Video Transcript

Hi this is Matt McKillen with Innovative Financial Group. The question posed to me today are there certain types of home equity loans available for disabled people or people with disabilities? On a traditional mortgage or a traditional home equity loan, basically the bank is looking to see an ability to repay. I know that some people that are on disability whether it be social security disability, etcetera, they're generally on a fixed income on a monthly basis. They're just going to take, the bank is just going to take into consideration do you have the ability to repay the loan that you're borrowing as well as your other expenses whether it be a car loan or credit cards, so they really treat everybody on an even playing field, it doesn't matter if you're disabled or not. I do know that there are some special subsidy programs available through a lot of community lending programs or through grants. Here in St. Petersburg, Florida for example, if you're on a fixed income or a low income and let's say you needed to do a repair to your home to your roof, or if you're on a disability, there are programs available that you can apply for that will lend you money at very, very favorable interest rates to help you complete the improvements to keep your home livable. It's just a couple example of some programs that are out there. Again my name is Matt McKillen, I'm with Innovative Financial Group.

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