Effect of Reverse Mortgage on Medicaid

http://myamazingvideoseo.blogspot.com/2015/09/effect-of-reverse-mortgage-on-medicaid_68.htmlDoes a reverse mortgage affect medicare benefits? Call Charles to find out more at: 310-616-6965

You need to know how a reverse mortgage works with medicare eligibility.

http://www.charlesguinn.com

Since Medi-Cal is an asset-tested government program (i.e. California’s version of Medicaid), you should be very careful about how you take the reverse mortgage proceeds.

Getting a reverse mortgage in and of itself should not disqualify you from any income or asset based programs. However, if you take the proceeds as a lump sum and put that money in the bank, most programs will look at your high bank balance and come to the conclusion that you don’t need their assistance – regardless of the fact that the funds were borrowed.

If you take the reverse mortgage proceeds as a line of credit you should be OK with Medi-Cal. Just be sure to immediately spend any money you draw from the line of credit and don’t let it sit in your bank where it could be considered a countable asset.




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