Senior Reverse Mortgages - Your Medicaid Eligibility

One of the big fears, which the American seniorsA senior will not pay the monthly payments, like he has
have is, that they have to go to the nursing home.done with the usual mortgages. The loan capital and all
These homes are not free places to live, but can costthe costs will be paid back, when the loan will be
dearly. Many seniors will use their savings, so that theyclosed. This happens, when a senior will move away,
can qualify Medicaid.sell the home or die. Then the home will be sold and
Most seniors decide to go to the nursing home forthe selling price will be used to pay back the loan and
which they will pay until they have used their savings.the costs.
Why? Because when their savings have decreased3. How The Reverse Loan Will Influence On Your
they will qualify the Medicaid.Medicaid Eligibility?
1. You Have To Transfer The Money.The rule of thumb is, that if the received payment from
When a senior wants to qualify Medicaid, he or shethe reverse loan is used during the same month, than it
has to transfer the money into some other place, sohas been received, then it is not counted as an income.
that he is not anymore the owner of the money. TheBecause the limits vary state by state, it is useful to
U.S.Congress has set a period of an eligibility fornegotiate with the counselor.
Medicaid. By following these rules a senior can avoid4. The Money Is Not The Only Question.
the penalty.The emotions play big roles, when we speak about
2. The Senior Reverse Mortgages.the homes, where senior have lived through their lives
The senior reverse mortgages are special services forand raised their children. The memories are there and
the seniors, who own a home, where they have equitythe memories are very important contents of the lives
left. With the senior reverse mortgages it is possible toof the seniors.
turn a part of the equity into cash money, which will be5. Get Guidance From The Counselor.
paid to them according to the schedule they want.