Senior Reverse Mortgages - Your Medicaid Eligibility
One of the big fears, which the american seniors have is
, that they have to go to the nursing home. These homes are not free places to live, but can cost dearly. Many seniors will use their savings, so that they can qualify Medicaid.
Most seniors decide to go to the nursing home for which they will pay until they have used their savings. Why? Because when their savings have decreased they will qualify the Medicaid.
1. You Have To Transfer The Money.
When a senior wants to qualify Medicaid, he or she has to transfer the money into some other place, so that he is not anymore the owner of the money. The U.S.Congress has set a period of an eligibility for Medicaid. By following these rules a senior can avoid the penalty.
2. The Senior Reverse Mortgages.
The senior reverse mortgages are special services for the seniors, who own a home, where they have equity left. With the senior reverse mortgages it is possible to turn a part of the equity into cash money, which will be paid to them according to the schedule they want.
A senior will not pay the monthly payments, like he has done with the usual mortgages. The loan capital and all the costs will be paid back, when the loan will be closed. This happens, when a senior will move away, sell the home or die. Then the home will be sold and the selling price will be used to pay back the loan and the costs.
3. How The Reverse Loan Will Influence On Your Medicaid Eligibility?
The rule of thumb is, that if the received payment from the reverse loan is used during the same month, than it has been received, then it is not counted as an income. Because the limits vary state by state, it is useful to negotiate with the counselor.
4. The Money Is Not The Only Question.
The emotions play big roles, when we speak about the homes, where senior have lived through their lives and raised their children. The memories are there and the memories are very important contents of the lives of the seniors.
5. Get Guidance From The Counselor.
The Medicaid question needs a careful planning and that requires expertise. Without that a senior can honestly lose some valuable parts of his financial protection. And, this is important, the counseling is free, because these federal counselors belong to the system.
by: Juhani Tontti
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