Selling Resources To Get Below SSI's Limit

As you know, in order to get SSI your countable resources must not be worth more than $2,000 for an individual.

However, you may be able to get conditional payments if you agree to sell some of your countable resources.

A couple rules apply:

  • If the value of your countable resources is over the limit at the beginning of the month, you cannot receive SSI for that month.

  • If you decide to sell the excess resources for what they are worth, you may receive SSI beginning the month after you sell the excess resources.

  • To receive benefits while you try to sell the excess resources in certain situations, you must sign the Agreement to Sell Property form, and Social Security must accept that agreement before conditional payments can begin. (You can also get the form from your local Social Security office.)

When you sell the resource, you must pay back the conditional SSI payments you received while you were trying to sell the property or resource.

For more details, see this page of the the Social Security website.

 

Source: Social Security.

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