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Guest

I receive SSI benefits and Medicaid, would a reverse mortgage affect the SSI

adonis · Posted: Tue Aug 18, 2009 10:00 pm Post subject:

Welcome Poco,

As far as I know, the funds from your reverse mortgage are non-taxable. Thus, it is not counted towards income or affect Social Security or Medicare benefits. It is not even counted as your income for Medicaid benefits eligibility.

fredwaltz · Joined: 17 Aug 2009 Posts: 60 1.12 Dollars($)

In my opinion if you are not a full time worker and a retired fellow then it will surely not affect you in any case.

Guest

Hi my parents are in the process of doing the reverse mortage and my mom wants all nine of the adult children to know but my dad doesn't. the family home has alot of centiments. I'm afraid it will be hurtful when they find out about the reverse mortage when my parents are gone. Do you recommend all the children to knowing.

sara · Posted: Tue Sep 01, 2009 1:55 am Post subject:

Hi mary,

I hope it's your parents who would be on the property deed while they take the reverse mortgage. In such a situation, it's not mandatory for your parents to inform their children about the reverse mortgage. It would solely the borrower's decision whether or not he would inform others about the mortgage.

Take care.

Guest

my mom is wanting to sell her house and move to a better area is selling the house going to affect her benifets she was told she would have to repay everything from the sell

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

She need to pay the money if she took a reverse mortgageand the rest she can keepit

Guest

hi my mothers husband just recently passed away. She is 63 years old and recieves medicade and medicare. Her husband left her hm to her and has a life estate she is scared if she sells it her medicade and medicare will be affected. Her estate has not been probated as of yet. She wants to know how does she go about selling the land and home that is on it.

raymond · Posted: Fri Oct 16, 2009 11:29 am Post subject:

How much equity is left in the home after she pays back the Reverse Mortgage lender? If there's any equity, all of it is hers, and Medicaid benefits can be impacted, but Medicare and Social Security will not.

She's medi-medi and there's a reason for that and you don't want to disrupt her Medicaid benefits. She needs to review her situation with an Estate Planning Attorney, so he can guide her so her benefits aren't affected negatively.

Guest

how dose life estate effect medicaid

raymond · Posted: Sat Oct 17, 2009 8:06 am Post subject:

Life Estates have no effect on Medicaid. It's just a method of holding Title to your home. Medicaid is effected by income and assets.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Try soem fo these posts

http://www.mortgagefit.com/reverse/medicaid-lifeestate.html

http://www.mortgagefit.com/texas/ladybirddeed-medicaid.html

http://www.mortgagefit.com/texas/medicaid-inheritance.html

scatgo · Joined: 23 Nov 2009 Posts: 2 1.14 Dollars($)

Can I get a life estate AFTER getting a reverse mortgage? I am about to apply for medicaid and I dont want them to put a lein on the house but I already have the reverse morgage.

raymond · Posted: Tue Nov 24, 2009 10:50 am Post subject:

>>I dont want them to put a lein on the house but I already have the reverse morgage.

Title can't be changed once you get a Reverse Mortgage, unless you receive permission from your Lender.

You'll also want to be aware of the 5 year look-back period and if you've been impacted by the Reverse Mortgage. You'll be okay if you received your cash via the Credit Line and/or Monthly Payment, but may be impacted negatively if you received a lump sum. You should review your scenario with an Estate Planning Attorney who understands how Reverse Mortgages work, before making a final decision.

Posted: Tue Nov 24, 2009 2:28 pm Post subject:

Thanks. Do you think I will have any problems with my attorney getting permission from the lender? I would think the lender would try to avoid dealing with a lein placed by the state.

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Medicaid and life estate - problems for reverse mortgage?