Topic: lump sum
What Is a Reverse Mortgage? A reverse mortgage is a loan. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment or line of credit. It does not require the homeowner to make any payments. […]
Explanation of Lump Sum Policy and Scenarios
Child Support Income How is child support counted for the SNAP program? Child Support received counts as unearned income. 340:50-7-29 (c)(3). What if child support is received sporadically or in differing amounts? When child support is received sporadically or in differing amounts, it is determined by averaging the most recent calendar months. The worker determines […]
Bonus that will not recur Client applied on April 25. She started a new job on March 20 and received her first weekly paycheck on April 8 and her second on April 22. She provided both checks. The April 8 check includes a sign on bonus of $500. This is a one-time bonus which will […]
Unearned income – is income that is not in the form of wages, self-employment, or training allowances and for which a person does not put forth physical labor.