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McKown & Myers, LLP
McKown & Myers, LLP

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Everything you need to know about VA loans and disability benefits

On Behalf of | Dec 10, 2021 | Uncategorized

Individuals who have served in the military are eligible for many benefits. If you are a veteran, you qualify to apply for VA loans and pension as well as other disability benefits. Read on for more information about these loans and benefits.

VA pensions overview

Veterans and their dependents can receive benefits from three different pension programs administered by the VA. However, federal law dictates that pension is eligible to only those with a low income. The difference between a person’s income and income levels set by congress equals the amount that can be received.

The pension amount will be higher if the veteran or their dependent needs special medical attention or is housebound. All of these pensions are free from tax.

Below are the three major pension programs for veterans:

1. Veterans pension

This pension is payable every month to veterans with income below a certain level. To be eligible, you must have been active at least one day in service during a time of conflict and hostility and also be one or more of the following:

    • 65 or older
    • Permanently disabled
    • Acquiring social security disability benefits
    • Living in a nursing home
    • On a supplemental security income

2. Medal of honor

This is a pension awarded for life and is not based on income level or need. It is awarded due to courage in the face of extreme danger or the risk of death.

3. Survivors’ pension

This is paid monthly to low-income surviving spouses who have not remarried as well as children of veterans who died during wartime. You may be eligible if:

  • The veteran served for more than 24 months on active duty, with at least one day in a time of war.
  • The deceased veteran was dismissed from service, but not dishonorably

VA housing grants

One of the most valuable forms of military compensation is a VA home loan. The housing grant is for service members and veterans who suffer from service-related disorders. It enables them to buy or modify their homes to cater to their needs and live more comfortably and freely. You are qualified and eligible for a VA loan if:

  • You are a spouse to a deceased veteran who succumbed to a service-related disability or died in the line of duty
  • You have completed active service duty for not less than 90 days
  • You have been in the reserves or national guard for not less than six years
  • You have actively served during peacetime for at least 181 days
  • You have accumulated 90 days of service under Title 10 or Title 32
  • Your service has been cut short due to certain medical conditions, hardship or government convenience