I've been living with my dad, who has dementia, for 2 years now. He does reasonably well, but I've put my life on hold and he's a heavy smoker and it's all starting to take it's toll. I don't know that I'm ready to put him in a home yet as there are so many issues I need to sort through. He has no retirement and lives on his small SS income and a small pension. He would qualify for medicaid for a nursing home. I've done some research about his house and know that since I've been here for 2 years, he can either transfer the property to me or that I can continue to live here if he goes into a nursing home because my presence has kept him at home longer.
The house is mortgaged and he pays that out of his income. If he goes into a nursing home, can he continue to pay the mortgage out of his income or does the nursing home/medicaid get it all?
If he transfers the property to me (and I'm confused about this because I have POA so how does that work?), presumably I then take over the mortgage payments?
It seems as though everything I read assumes the elderly person in question owns their home outright, which is definitely not the case for a lot of people!