The Medicaid eligibility rules are clear. They allow $ 2.000, a car and a house, period. If a senior receives a lump-sum from the reverse mortgage, he or she may become uneligible to the Medicaid to pay the nursing home care.
This is a problem about which the press does not speak so much. The reverse mortgage does not have influence on the Medicare or Supplemental Security Income. The Medicaid eligibility rules are actually quite complicated. The monthly payments, which a senior receives from the reverse loan can make him uneligible to Medicaid.
1. If The Nursing Home Waits After 5 Years, Meet An Expert.
If you consider to take a reverse mortgage and you see, that after 5 years you will need nursing home care, you better be wise with your moves.An expert must understand and know exactly, what practices are used in these cases and in this state concerning Medicaid and SSI .
2. Your Local Municipal Housing Authority.
If a reverse mortgage seems dangerous thinking the Medicaid eligibility, it is also wise to seek for alternatives. The local municipal housing authority can help you, maybe the deferred payment mortgage is an option. You can also visit the National Council on Aging website to find guidance.
It is very, very important to be in a constant contact with the experts to get the correct information how to handle the reverse mortgage application. Many people, especially those seniors, who are close to 62, do not think the Nursing home future and thus cannot take that thing into their plans. But an expert can, talk with him!
3. The Money Transfer.
If a senior transfers the money to another place, so that he is not anymore the asset owner, Congress has established a period of ineligibility for Medicaid. It is important to follow the Congress rules to be able to avoid penalties.
4. No Problem, If A Senior Can Manage Without Medicaid.
The secret is to be able to forecast the future income and living costs. The income part is relatively easy, because they are flat, but what happens, if a senior get some oblogatory, extra and regular bills, like the increased medical bills?
One solution could be to take a reverse loan against the home equity, but to leave a major part of the equity untouched. If in the future a senior will need more disposable cash, he can refinance the reverse program and to take more loan. The reserve equity and the risen house prices make this possible.
This is a problem about which the press does not speak so much. The reverse mortgage does not have influence on the Medicare or Supplemental Security Income. The Medicaid eligibility rules are actually quite complicated. The monthly payments, which a senior receives from the reverse loan can make him uneligible to Medicaid.
1. If The Nursing Home Waits After 5 Years, Meet An Expert.
If you consider to take a reverse mortgage and you see, that after 5 years you will need nursing home care, you better be wise with your moves.An expert must understand and know exactly, what practices are used in these cases and in this state concerning Medicaid and SSI .
2. Your Local Municipal Housing Authority.
If a reverse mortgage seems dangerous thinking the Medicaid eligibility, it is also wise to seek for alternatives. The local municipal housing authority can help you, maybe the deferred payment mortgage is an option. You can also visit the National Council on Aging website to find guidance.
It is very, very important to be in a constant contact with the experts to get the correct information how to handle the reverse mortgage application. Many people, especially those seniors, who are close to 62, do not think the Nursing home future and thus cannot take that thing into their plans. But an expert can, talk with him!
3. The Money Transfer.
If a senior transfers the money to another place, so that he is not anymore the asset owner, Congress has established a period of ineligibility for Medicaid. It is important to follow the Congress rules to be able to avoid penalties.
4. No Problem, If A Senior Can Manage Without Medicaid.
The secret is to be able to forecast the future income and living costs. The income part is relatively easy, because they are flat, but what happens, if a senior get some oblogatory, extra and regular bills, like the increased medical bills?
One solution could be to take a reverse loan against the home equity, but to leave a major part of the equity untouched. If in the future a senior will need more disposable cash, he can refinance the reverse program and to take more loan. The reserve equity and the risen house prices make this possible.
