Posted on: 07th Nov, 2007 04:14 am
My elder brother has suggested that my grandparents take a reverse mortgage and said that the bank would give the money on a monthly basis. After they die, the home would be sold and he bank would take the money and if there's any profit then tat can be divided among the children. Is it so? They are nearly 75 years old and have health problems too. They wouldn't even think about selling their homes..they have earlier applied for medicaid. They have a life estate on the property with my elder brother (the 3 are on title). Will the medicaid and life estate pose a problem in getting reverse mtgs?
Thank You. I will let you know how it works out.
>>I would think the lender would try to avoid dealing with a lein placed by the state.
It's common practice, so the Attorney can't try to avoid it. You need to schedule an appointment with an Attorney as soon as you're able. She'll review the whole process with you and tell you what you need to do to accomplish your goals and objectives.
It's common practice, so the Attorney can't try to avoid it. You need to schedule an appointment with an Attorney as soon as you're able. She'll review the whole process with you and tell you what you need to do to accomplish your goals and objectives.
>>m 70 and on social security and still working. Do I need to stop working to qualify for reverse morgage
No. It doesn't matter if you're working or not working, you still qualify for a Reverse Mortgage.
No. It doesn't matter if you're working or not working, you still qualify for a Reverse Mortgage.
my mom owes 18000.00 on her home and it snt fit to live in....meicaid wont let her sale it because she cant get tax value out of it....if we let the bank forclose can she still keep her medicaid
I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/inprocess/about37289.html#160056
Take a look at it. Hope it helps you.
http://www.mortgagefit.com/inprocess/about37289.html#160056
Take a look at it. Hope it helps you.
I receive a senior discount on my property taxes. If I deed my house to my children, would they still get the discount (as long as I live in the house), or would they have to pay full property tax?
Hi Maxine,
If you transfer the property to your children, they won't be able to get the senior discount in my opinion. They will have to pay the full property taxes.
If you transfer the property to your children, they won't be able to get the senior discount in my opinion. They will have to pay the full property taxes.
how much money can you have in the bank to apply for medicad, my mother is 90 yrs old and she lives with me. She gets her ss check, but she still pays her rent at her old place.
Hi sabra,
The rules for counting the income and resources of a Medicaid applicant may vary from state to state and from group to group. Rules are different for those who live in nursing homes and for disabled children living at home. You need to contact an attorney who is well versed with the Medicaid laws of your state and get to know the exact amount that your mother can keep in her bank account.
Thanks,
Jerry
The rules for counting the income and resources of a Medicaid applicant may vary from state to state and from group to group. Rules are different for those who live in nursing homes and for disabled children living at home. You need to contact an attorney who is well versed with the Medicaid laws of your state and get to know the exact amount that your mother can keep in her bank account.
Thanks,
Jerry
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