my mom is in a nursing home , has a reversed mortgage and is on medicaid

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my mom is in a nursing home , has a reversed... Expand / Collapse
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Posted 8/10/2008 3:32:40 PM
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I just needed to get some info. I am getting all kinds of stories. My mom is in a nursing home recovering from a massive stroke back in august 2006. At the time of her stroke she had a reversed mortgage on her home. She is currently on medicaid. I needed to find out if it is possible for her to put her home in my name. ( i do have power of attorney). I have asked some people some say yes, and some say no. I was hoping to get a straight answer. thanks any info on this would be appreciated.
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Posted 8/12/2008 9:20:52 AM
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In most cases the answer is no.  There are two reasons for this.  First, unless you fall within an exception, your mother could lose Medicaid eligibility for five years by transferring the house to you.  The exceptions would apply if you were disabled or if you lived in the house  and provided care to your mother for the two years before you went to a nursing home. 

The second problem with transferring the house is that it probably violates the terms of the reverse mortgage.  In any case, most reverse mortgages require that they be paid off within a year of the resident moving out of the house.  I'm not sure why you haven't run into that yet.

All of this said, you really need to meet with a local elder law attorney to determine what steps you can take to protect your mother's house.  Given what's at stake, paying the attorney to find out is a very small price to pay. 

Harry S. Margolis

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