Your Reverse Mortgage and Medicade
Posted on July 16, 2008
Filed Under Mortgage Smarts |
One of the concerns I had about getting a reverse mortgage would be if I’d lose my government assistance. After all, I had just qualified for Social Security and I definitely didn’t want to lose out on my Medicade.
Here’s what I found out:
1. If you have Social Security, there’s nothing to worry about. A reverse mortgage does not affect this at all.
2. If you have Medicare, again, there is nothing to worry about. A reverse mortgage will have no bearing on if you have Medicare or not.
3. Medicade, on the other hand, you have to be careful. Mainly, the funds you receive from your reverse mortgage must be used immediately. If you hold the funds more than 30 days, Medicade will consider this an asset and you would be ineligible (for Medicade).
The best thing for you to do here is talk with your lender and also with your local Area Agency on Aging or a Medicaid expert. A reverse mortgage can really be a lifesaver when it comes to making ends meet. Just make sure you cover all your bases with Medicade before finalizing your reverse mortgage with your lender.
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