Mom has a reverse mortgage on her house. If I pay off that loan and buy the house after she moves to a NH will there be a problem with Medicaid?
The loan is currently around $250,000. I moved to her house 8 years ago when she was diagnosed with dementia. She has progressed to the later stages and I have a feeling it won't be long before I can no longer care for her safely. No caregiving agreement; I just did what had to be done. Didn't charge her and she didn't charge me rent. She has SS and a small pension. My question is: Can I pay off that loan (even if I have to get my own new mortgage loan) and buy the house from her now so that I may continue to live here after she moves to a NH? I will have to apply for MediCal/Medicaid as her SS/pension is not enough for any NH. Will there be a problem with Medical/Medicaid not approving her or even making me sell the house? I'm thinking not because if I don't buy the house Medical/Medicaid would not have received any money from the house anyway...the reverse mortgage company sells it to pay off the loan. ???