How does a reverse mortgage affect medicaid qualification?

Asked By: MoneyTactics
Category: Reverse Mortgage
Tags: medicaid qualification, mother, prescription, qualification, reverse mortgage, supplemental income

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My 66 year old mother is considering a reverse mortgage, but even with that supplemental income potential, she will still need to apply for Medicaid to cover prescription expenses. Will a reverse mortgage affect her qualification for Medicaid?

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regulation for reverse mortgage and medicaid

Worldly25
Posted 3 months ago

Yes of course it will since her cash assets improve. She is on Medicare and would then be expected to purchase Prescription coverage at a cost of 35 a month

Judy
Posted 3 months ago

Factoid:
Most people move out of their home at age 82 with a reverse mortgage.
If she is typical she will have nothing to her name when she sells the home.
To me – reverse mortgages are a scam that needs regulation by the federal goverment.
Reverse mortgages are robbing the trusting and elderly.
Just like ARM loans did.
Sell the house – get the cash out – buy a small condo or rent.
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