My brother (55 years old) and I (57 years old) own our home.... tenacy in common....Joe has 80% I have 20%. The home is owned free and clear. Neither one of us has children. My brother is on SSI and Med-ical due to cirrhosis of the liver. I am on Med-ical as of last year.
We were thinking of taking a Home Equity line of credit out on the house. Joe has very good credit. I do not. I have an unpaid student loan of $2000 from 25 years ago. We would like to have this HELOC to help pay that off and live comfortably.
We are low income. Joe gets his SSI. I have been Joe’s caregiver through IHSS. We also have an ebay store which provides a small income.
We were wondering how this would effect Joe's SSI and Medi-cal?
Would it be a good idea to get a HELOC on the house? Neither of us has children to leave the house to. It would help us live more comfortably.
A more important question is what happens to the house after one of us passes? Does Medi-cal put a lien on it? How do we avoid that?