Reverse Mortgage Medicaid, MediCal And SSI, Some Practical Tips [mortgageinsuranceguide.blogspot.com]
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Have you heard, that seniors can have difficulties to qualify to Medicaid, MediCal or SSI, if they have the reverse mortgage loan? Or that it is difficult to get reverse mortgage, if a senior already has Medicaid, MediCal or SSI? Read the tips about reverse mortgage medicaid.
It is important to understand, that the authorities, who handle the reverse mortgage medicaid and other social security applications must have strict rules concerning the amounts of cash money and the assets. And that a senior does it wise, when he knows about these rules and can avoid the small but important mistakes.
1. The Payments From Reverse Mortgage Are Not Income And Reverse Mortgage Is Always A Loan, Not An Asset.
These are very important issues to know. When a senior receives money, for example monthly payments from the reverse loan lender, that is not an income, but a part of the loan.
And the amount of the reverse loan is not an asset but a loan, so these items cannot have influences on the reverse loan eligibility.2. The $ 2.000 Cash Rule.
Usually a senior cannot have more than $ 2.000 on his or her bank account to be able to qualify for the social security, like MedicAid, MediCal or SSI. This is important to know. If a senior receives $ 1.000, for instance, from the reverse mortgage, but will spend only $ 700, the account amount exceeds the $ 2.000 maximum limit. Thus it is important to spend the reverse loan payments during the same month as they are received. If a senior has difficulties with this, it is better to pick the credit line alternative.
3. More Valuable Puchases, Like Car Purchase.
A senior should negotiate the deal ready with all the terms and to request the money from the line of credit and ask the bank to use the Cashier Check. This makes the process quicker and there is no danger, that the money stays on the account over the account cycle period. A senior has to make sure the money comes and goes during the same cycle period.
4. What If A Senior Already Has The Reverse Mortgage And He Wants To Apply For The MedicAid, MediCal or SSI?
There are some important tips, how the application forms should be filled. When they ask about the income, do not mark, that the monthly reverse mortgage payments are your income. They are NOT. When they ask about the assets, your home is an asset, but the reverse mortgage capital is not, itis always a loan.
5. Turn To The Reverse Mortgage Lender.
This is important. Do not try to solve these questions by reading tips about them or by discussing with your senior friends. Turn always to the federal reverse mortgage counselor, because only he knows the details in your state.
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