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Hi, Adonis. My parents put their only asset, their home, in a Lady Bird Dee

Hi, Adonis. My parents put their only asset, their home, in a Lady Bird Deed, listing me as the beneficiary. Both are very ill now, and my dad is in rehab, possibly nursing home. As durable POA I applied for a home equity loan on the home in their name to pay for help at home and for handicap modifications. The line of credit was denied due to the Enhanced Life Estate Deed. I thought they could still mortgage the home with this deed? Secondly, I am concerned about medicaid recovery, now that my dad is so ill (hospital from Nov-April) and now at Rehab at the nursing home with limited days left to draw from. He won't be able to pay for the rehab co-ins. days nor for nursing home care. Will the lady bird deed protect their home? Also, can he take a loan against it? Help. I want to help them. I have gone into a lot of debt taking care of them, and I am not going to be able to help them without assitance, and this will cost more money, but I know he wants to come home. My mother is very ill, as well. I am not sure how much longer either one has left. Thank you for any help you can give. thanks, Jolene

Asked on 12:00 am May 6th 2011

Anonymous

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If the property has been transferred in your name, then you will have to apply for a loan in your name. As far as I know, Enhanced Life Estate Deed should not affect your chances of qualifying for a mortgage. As far as I know, ladybird deed will protect your home from the Medicaid authorities.

Answered on 12:46 am Feb 8th 2012

adonis

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Hi, Adonis. My parents put their only asset, their home, in a Lady Bird Dee

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