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Will this disqualify me from Medicare and Medicaid?? I don't want to be shady but am on my own and worry about having no safety net. How do I proceed with the strong desire to sleep at night!! I have been totally homebound for a year and health issues so bad I have lost 100 pounds....my hair...teeth and my dignity.

Are you on Social Security Disability? If so, you should be on Medicare and Medicaid as your secondary. With Medicaid you get dental, Vision and prescriptions.

As said, I would not consider a reversed mortgage at this point. There are other options. I would call your Office of Aging and see what resources are out there to help u make decisions. In my state Medicaid pays for ALs after at least 2 years of private pay. If u have enough equity in ur home, maybe a choice. Maybe OA can evaluate your home and help make it easier to get around. Find transportation so u can get out of ur home.
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Reply to JoAnn29
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I am wondering if you are speaking of a reverse mortgage? Because to me, this, at your age, is a danger. A lot of reverse mortgages mean that if/when you leave your home, the loan has to be paid with interest (often high interest). If you were 70 and had a home worth 5 million, then maybe. The sales of the home might allow you to enter care of some kind and pay back. There are a few on the forum who understand reverse mortgages a whole lot more than me, including igloo--you might want to search him out on sight and private message him; hopefully he'll see your post.
You honestly now need a financial advisor on what to do, one you can give your assets and diagnosis, prognosis, and all things pertaining.
So dreadfully sorry you are going through this. Hope you will update us on how you are doing.
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Lots of good points to think about made by other posters here. One thing I'll add is some more thoughts about "taking money out" of your paid-up home. You need to decide if you really like your home, it is in a good location for you, and is suited to your needs now and as they might be in the future. It's not clear whether your disability is something "stable" or if your condition is apt to worsen. (1) Can you afford your home costs now with your current income? (2) Can you cover your other day to day living expenses with your current income? If you want to stay in your home, but your current income will not cover your home and other expenses, doing a reverse mortgage might make some sense. A reverse mortgage is actually not considered as income from the IRS's point of view. It is basically a loan, and the loan needs to be paid off when you leave the home (die or move out). My concern is that you are quite young still, and could outlive the reverse mortgage. I'm not well-versed in Medicaid requirements in your state, but I would think that spending down your asset (your home) to take care of yourself and your expenses should be perfectly acceptable and should not affect your future eligibility for Medicaid. In my mind, it's really not any different than if you sold the house outright and used the proceeds to pay for your care in assisted living or some other kind of facility.
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Imperviouslyred Feb 8, 2020
I swear I have worried until I feel nauseated about this. I doubt I will live another ten years...but if I go through with this I will still have 60-70k left in equity in my home. All I know is I cannot lose my insurance my health issues are vast. To answer another's question about ssi I am considered SSDI with permanent disability no chance of ever improving. At the time I applied I was not eligible for any socially funded programs...so no ssi but the mister grew tired of my being sick and our divorce was final last week... without him I qualify .
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I second the notion of keeping a paid for home as long as possible; however, you might be able to pull some of your equity out while you move into a home more suited to your disabled needs. Do you want to remain in your current area? Move closer to other family? Move south to a warmer climate with reduced property taxes and no state income taxes like FL, TN or TX?

A single level home with only a step or two needed to enter the house and a level or gently rolling yard is very desirable as we age. A ramp isn't too difficult to manage/install for a couple of steps. My aunt sold her house and purchased a 2D 2BA "ranch condo" in a retirement community located fairly close to town. She had a small yard that was perfectly maintained from the HOA fees and the option of adding services like medication management and housekeeping when/if she needed them. The condo had wide doorways and one large bath designed to accommodate wheelchair/walker needs while the second bedroom and bath were smaller with a walk in shower.

Medicare is not income based unless you get a hardship waiver but usually requires a 2 year waiting period after disability before you quality. Medicaid is income based and asset based but excludes your home and one car from the assets. Any equity you pull from your home would most likely be an asset you would be required to spend down in many states before you could qualify for Medicaid. I would encourage you to use any equity to you might pull from your home to do modifications require to support you continuing to live in the home or to pay health care insurance costs during the period before you qualify for Medicare.

I suggest you contact your Area Agency on Aging (AAA) and ask the social workers (SWs) there to do a needs assessment and determine what services you qualify to receive. The needs assessment could also be forwarded to AAA in other areas to determine what services you would qualify if you moved there. A good elder law attorney could probably help you determine if setting your income up in a miller trust would be beneficial to help you qualify for Medicaid; most attorneys will provide one consulting session without charge.
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Imperviouslyred Feb 8, 2020
I live in a one floor ranch with only a step up into house...Info need to get evaluated for assistance because I can't get into my bed and I live in fear of falling in the tub and having to be rescued lol I have already put new roof furnace ac flooring hot water heater appliances. This home meets my needs and once the rest of the work is done I will be so happy
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Do not take money out of your home until you talk to a financial advisor. And this is not Edward Jones, Schwab and the like. There must be a disabled organization in your area that would help you navigate what is available.
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Reply to gladimhere
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I think you need a good financial advisor on how to proceed. I'm certainly not one, but will try to help. I'm assuming you will be getting SSDI and/or disability checks every month. Is that amount enough to cover taxes, insurance and upkeep on the house and still have enough left over to provide for your basic needs? If so I would suggest trying to stay within those means for as long as possible as the house value should increase over time, leaving you in a better position in the future.
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Reply to mstrbill
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Imperviouslyred Feb 8, 2020
Currently I get just enough to pay for basics but if anything comes up I panic. I will still have 60-70k left in assets after the loan or whatever it's called...I wish I could talk to my dad. I'm going to call area for aged Monday 🤔
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