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View Diary: Reverse mortgages: The final blow killing middle class wealth (276 comments)

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  •  It's worse than that--there's a "look back" period (4+ / 0-)

    for Medicaid.  

    Anyone considering a "RM" had best check out what, if any options they have for long-term care under Medicaid, if they were to get involved in a "reverse mortgage."

    I don't know the ramifications, first hand.  

    But anything to do with Medicaid long-term care can be a very sticky situation, from what I've gleaned from some folks.

    Mollie

    "Only he who can see the invisible, can do the impossible."-- Frank L. Gaines


    hiddennplainsight

    by musiccitymollie on Sun Aug 18, 2013 at 07:44:12 PM PDT

    [ Parent ]

    •  If the reverse mortgage is taken (2+ / 0-)
      Recommended by:
      musiccitymollie, Dvalkure

      as a line of credit, that line of untapped credit is not considered, by Medicaid, to be an asset.
      If the person takes a monthly payment, spends some of it and banks the rest, those savings will be regarded as assets.

      The next time I see some pundit claim that John Roberts is a moderate who wants to preserve the SCOTUS' legitimacy in the eyes of the public I am going to freaking scream.

      by jazzmaniac on Sun Aug 18, 2013 at 08:28:57 PM PDT

      [ Parent ]

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