Rent vs Buy in Salisbury>Question Details

Rwthorntonii, Home Buyer in Salisbury, NC

Can people who receive Social Security Disability rent with an option to buy?

Asked by Rwthorntonii, Salisbury, NC Sat May 18, 2013

I've been receiving Social Security Disability since 2003 after 25 years of working... I'm 57 years old. Can I rent-to-own (with a 5 year lease option) a 3 bedroom home in North Carolina? I'm asking for 5 yrs because I will be 62 years old at the end of the lease period, receiving regular Social Security instead of Social Security Disability. Please advise. Thank you.

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Marlenahill420’s answer
Im on disability an my husband is a otr truck driver .Were lookin to rent a 2bedrm 1 bath house with option ta buy. Price range 600.00 mo. We hav a teenage son a dog an two cats.Need a fence yard
0 votes Thank Flag Link Mon May 20, 2013
Sure, but why would you do this? Do you want to be 62 years old, having paid a premium for the "option," only to find that at sixty-two years of age, you can't qualify for a loan to purchase the property - or even worse, that the seller hasn't kept up their end of the bargain and they've gotten foreclosed on and/or bankrupt, leaving you out on the street?
0 votes Thank Flag Link Sat May 18, 2013
If you have the funds to pay the rent there is no reason you should not be able to lease to own If you get an agreement with the home owner to that effect. They will probably ask for a down payment so that they would feel comfortable that you would not walk away after the 5 year period. Good Luck! Betty Grubb
0 votes Thank Flag Link Sat May 18, 2013
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