Saving for homeownership as a person with a disability can be challenging. Many individuals with disabilities receive benefits, such as Supplemental Security Income (SSI), that limit how much money recipients can have in savings.

ABLE accounts provide those with disabilities an opportunity save enough to purchase a house without putting certain means-tested benefits at risk. In fact, ABLEnow account owners had an average of $8,300 saved in their account as of March 2024 — enough for a 4% down payment on a $200,000 house. 

ABLE account owners can withdraw money from their accounts to pay for any qualified disability expense. This covers a broad range of expenses related to things like education, health, transportation, and housing.

Does that include a down payment for a home purchase?

“The answer to that is yes," shared Miranda Kennedy, director of the ABLE National Resource Center. "The purchase of a home, payments for rent, and other housing related expenses, those are all qualified disability expenses."

An ABLE account can make homeownership possible for individuals receiving means-tested benefits. Read more in this article published by Business Insider in July 2024.

Learn more and open an ABLEnow account at ABLEnow.com.