He didn't have enough to cover the cost of the home.Since his funds wouldn't cover the cost of the home, I co-signed for a loan on the property.
We are now looking for long-term care for him as we are no longer able to provide the care he needs in our home. When looking at facilities, we are told that a number of things regarding his house and finances.
Regarding the house, one set of social workers are telling us that there is an exception to MERP that states that when two people jointly own a home (in this case my dad and me), AND only one of them require support, then MERP won't go after that as an asset. However another group of social workers is stating that MERP will absolutely go after it. There is around $70K in equity in the home.
So my question is: How would this asset be recovered/treated/considered, by MERP?
Outside of that, he has about $15K in cash value from a life insurance policy. However, I don't care about this policy, only about the house since we both have equity in it. Granted, he has more (he put about $50K down and then we used around $20K for repairs).
Thanks much - Joe