Can We Take Out a Reverse Mortgage to Pay for Care While We Wait for Medicaid Approval?
My mom is 93 years old and living at home with 24-hour care. We applied for Medicaid and have spent down her funds. We are...
Read moreShe may be. I’m not sure about New York, but in Massachusetts, where I practice, doing so would only make your mother ineligible for home care benefits for the month in which the transaction occurs. However, it would make your mother ineligible for nursing home benefits for up to five years. You will have to check with a New York elder law attorney to see what the effect would be on New York Medicaid. This would be a good idea in any case before taking out a reverse mortgage so you and your mother understand all of the implications of taking such a step.
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My mom is 93 years old and living at home with 24-hour care. We applied for Medicaid and have spent down her funds. We are...
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While reverse mortgages may look like no-lose propositions on the surface, they also have some significant downsides. ...
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The federal government has tightened the rules regarding reverse mortgages, making it harder for some seniors to get these...
Read moreMedicaid Rules, etc