There is a possibility I may have to put my mom into a nursing home. Her total monthly income is $2,102.00. She has life insurance of $15,000. The mortgage on her home is underwater. The balance on the mortgage is roughly $103,000. The home was recently appraised at roughly $40,000.

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Hi Steve
Please add your state to your post to get more detailed answers. Medicaid laws are slightly different by state. Does your mom have a prepaid funeral policy? Does she need skilled nursing care or memory care? What are her health issues?
How old is she? There are some responders on this site that are very knowledgable on the issues you are dealing with. There is a limit of monthly income but there are ways to adjust for this. The house as I understand it can't just be abandoned without repercussions that could affect her Medicaid. The government doesn't "take" the home, they try to recover some of the costs of caring for folks who have no other means to pay for the very expensive care required. If someone is living in the home that has been caring for your mom and by doing so has kept her from needing more state provided care, then they might not have to leave the home even when they can no longer provide the care. The $15,000 could be used to obtain her funeral services but must be arranged prior to filing for Medicaid. Look for a certified elder attorney who understands the laws of your state for these issues. (NAELA certified). Are you her DPOA? You can also use the search site for previous info on this subject. Many have these same questions. I hope this gets you started. 
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