There are many benefits available to veterans who have served this country. One of these benefits is access to housing through the VA loan program, which makes it easy for veterans to obtain affordable financing at competitive rates. There is also another benefit available specifically to older and disabled veterans that is not as well known. This benefit is known as the Aid and Attendance Special Pension, and it is widely unused because so many veterans are unaware that it exists.

How the Pension Helps Veterans

The Aid and Attendance Special Pension was created in 1951 when Congress passed a law to help older veterans pay for the out-of-pocket costs of long-term health care. These long-term costs refer to the recurring health-related expenses veterans may have, such as the cost of a caregiver, medical costs, assisted living charges and more. The money received from the pension is tax-free and allows veterans to receive over one thousand dollars a month to cover any out-of-pocket costs they have as a result of the care they receive.

How to be Eligible for the Pension

In order to be eligible for this pension, the recipient must be a veteran and be older than 65 years old, but veterans who are 65 years old or younger can still be eligible for the pension if they are considered to be completely disabled. The veteran must also require regular attendance from an individual other than his or her spouse on a consistent basis. Requirements of the pension also state that the veteran must have received an honorable discharge, and they must have served at least 90 days of active duty with at least one of those days being during a wartime period. In some cases, the spouse of a deceased veteran can be eligible to receive the pension, as well.

Pair the Pension with VA Loan Benefits to Increase Your Savings!

Veterans can take advantage of a VA loan refinance to receive additional benefits. With a VA loan refinance, veterans can refinance their current mortgage with a VA loan to lower their monthly mortgage payments or to consolidate their debt in order to reduce their overall monthly expenses!

There are even more VA loan benefits available exclusively to disabled veterans. They can have both service requirements and the funding fee waived. They also can receive accommodation grants to make their homes more accessible for their particular disability. With the financial assistance available from the pension and the ability to lower monthly expenses with a VA loan, disabled veterans have a great opportunity to live more comfortably and improve their quality of life.

Many veterans are missing out on this exclusive pension and benefit that they earned as a result of their service to this country. Veterans who are interested in receiving the pension should speak with a VA representative to find out if they are eligible for the pension and to a home loan specialist to find out how they can take advantage of VA home loan benefits in order to save money!

Author Bio: Victoria Belle-Miller is the newest member of the VeteransLoans.com writing staff. Her background in journalistic writing and ability to evaluate the issues that Americans face in daily life make her a strong addition to the VA loans team and a valuable source of sound advice!

Category: Finances
Keywords: VA loans, veterans, homes, mortgages, soldiers, pensions, no down payment, Congress