Can I borrow on one of Mom's annuities to purchase a cheaper home for us to live in?
I'm her DPOA, oldest daughter, and she lives with me now (sold her home 2 years ago and has a decent amount of funds). I lost my medical transcription job in December and now have a home care contract to care for her via her elder care attorney in my home. I'm in the process of selling my home (I'm 60 and owe $30,0000 on the mortgage yet) and today got a very good offer I feel I can't refuse. I want to take that money and purchase a fixer-upper HUD home (total cost $22,000) for which I'm told they need the money up front and right now before proceeding with that. I could not get hold of her lawyer today to present the question to him). I would certainly put the full amount back in mom's account ASAP. Would this in any way affect things with Medicaid down the road and is this do-able? I fully intend to keep mom (who has Alzheimer's) living with me as long as possible and hope to avoid Medicaid anyway if at all possible.