ESOP/ employee stock ownership plan

What is the name of your state? Oklahoma

I was laid off of my job of 22 years due to down sizing, the company had an ESOP plan for the employees and is getting ready to destribute the money. When I was laid off , we ended up loosing our home, and I have become disabled due to Major depression. Is there anyway I could use this money to buy a home without incurring tax on the money, because, if there is tax on the money, there would not be enough to buy a home. Is it possible to rollover the money into an IRA then borrow from that?

Thankyou

The answer depends on how the plan was set up, how you have been purchasing the stocks, and many other factors. Consult the plan administrators, then double check their answers with a financial advisor.

IF you can roll the stocks into an IRA, you can pull out $10,000 penalty-free to buy a home if you haven't owned a home for 2 years. You can also pull out money penalty-free if the distribution is due to disability. Whether your depression qualifies as a disability depends on your doctor's opinion or SS determination.

abezon,

Thank you for the Information, I never applied for disability throught Social Security, however, I am drawing a Veterans disability Pension due to my illness.
Is it still possible to use enough of the money to buy a home without incurring taxes?

Thank you