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jamesdaughter Asked August 2020
How does a reverse mortgage affect Medicaid?
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My Dad needs to go into a LTC facility but he has a reverse mortgage on his house. We are in the process of signing up for Medicaid, how does this affect the reverse mortgage?
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Guestshopadmin Aug 2020
Most reverse mortgages have a clause about being due if the person is out of their home. There will be no money available to keep up house if the plan is to go on Medicaid. If you think selling the house would payoff mortgage and leave some extra, it will all need to go to care directly of parent. If you think you can stay there after he leaves, check terms of RM. that’s why many choose deed in lieu.
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SargesDaughter Aug 2020
My dad did a reverse mortgage and recently moved to an Assisted Living facility . We did deed in lieu paperwork and turned home over to mortgage company. Took about a month and was a smooth process...
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