senior citizen rights when owning home and going into nursing under medicaid still owes on home.?

Question

mother going into nursing home. She still owes on her home pretty much hat it is worth. is there any chance of one of her children buying it from her.

Answer 1

If they pay 'fair market value" for the home.

Medicaid checks up on transfers of assets such as home ownership. If the property is transfered for less than fair market value within three years of entering a nursing home your mom may be disqualified from receiving Medicare assistance depending on how much property was transferred and when.

There may be exceptions, and differences in the laws of your state. More info in the article below, or google "transfer of assets medicaid" http://www.neighborhoodlaw.org/page/57689&cat_id=565

Answer 2

there's a mode now to save seniors at homestead as long as conceivable. The time they ought to bypass to the nursing homestead is at the same time as they choose intravenous feeding or some sorts of injections or they're convalescing from a stroke or heart attack and characteristic no individual at homestead to take care of them. they commence on a application and then finally artwork their some time previous to residing at their own position with a caregiver coming in on a daily basis to assist them or residing at their position until eventually they could do issues on their own. putting a senior member of the relations right into a nursing homestead regardless of you travelling as many times as you could does substitute their on a daily basis eating conduct and also their mobility because the caregivers there don't have adequate time to spend with everyone in my view), or perhaps if or not they have television and verbal substitute some nonetheless experience remoted and bypass interior of many years. the undesirable area is that each and each and every 12 months the following a minimum of one nursing homestead facility is going bankrupt or is sited and someone jailed for overlook so the folk who stay there ought to discover new homes to bypass to, and so lots of the houses aren't any further of their own picking and may no longer be sturdy for them. lots of the undesirable issues are rodents and insects, smell of urine, ugly issues, contaminated ailments, or a maximum cancers haven taken over a affected individual it really is appalling to verify..

Answer 3

It's called a non-arms lenth transaction and yes SOME mortgage lenders will allow the home to be sold to a family member.

Answer 4

You don't want to sell it till the time is up for them (nursinghome)to take part of the house. Otherwise it will be included in her income. I think it's a year they can go back.