reverse mortgage medicaid

Medicaid is a medical program for the indigent where the medical bills are paid by the government.. If you have equity in a home that you can tap into every month, then you're not indigent as defined by Medicare.. If you are old enough to have qualified for a reverse mortgage, then you should also qualify for Medicare... which is similar medical insurance program for retired folks.. you can supplement your Medicare with additional insurance to pay what Medicare doesn't, but it's optional... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Those who receive Medicaid are considered indigent by the state...you can't be having a big asset like a house with a lot of equity in it AND be considered indigent. Perhaps you could write your congressman and explain to them your enlightened position on how "there should be some additional provision in the law or something."

Regulations with regard to how much cash you can have and still qualify for medicaid vary from state to state. Having a reverse mortgage in and of itself will not impact your eligibility as long as you do not exceed the cash on hand cap set by the program in your state. In cases where medicaid eligibility is a concern you would want to set up the loan so that you are drawing funds from the loan (via line of credit) as needed as opposed to taking a lump sum draw at closing. Following is a link to a contact in your area that may be able to assist you. http://www.middleburgmortgage.com/lauriem.

are you speaking about medicare?? you state medicaid.. there is a big difference... on medicare, which most folks are on, requires a 5 yr look back , in other words, no financial transactions, no new purchases, no sale of homes etc... in order to qualify if you need to go to a nursing home... i have just gone thru 12 yrs of this with my parents...