What is the name of your state? Pennsylvania
My mother sold me her house for $1.00 in October of 2004. We began residing with her in that home, after taking out a loan with the home as collateral and putting on an addition, in April of 2005 and still reside there.
There is the possibility of her being placed in a nursing home. Will we lose the house with the three year look back? I had heard of a law that if we resided with her for at least one year, that the look back was null and void. Is there any truth to this? If the state comes in to take the house, what are our options to keep the home (buy it back from the state, etc.)? What happens to the home equity loan we took out in my and my husband's name?
Also, please note that I am the Power of Attorney for my mother.
Thank you for any help you can provide. I contacted my attorney and he didn't want to look into it at the time.
My mother sold me her house for $1.00 in October of 2004. We began residing with her in that home, after taking out a loan with the home as collateral and putting on an addition, in April of 2005 and still reside there.
There is the possibility of her being placed in a nursing home. Will we lose the house with the three year look back? I had heard of a law that if we resided with her for at least one year, that the look back was null and void. Is there any truth to this? If the state comes in to take the house, what are our options to keep the home (buy it back from the state, etc.)? What happens to the home equity loan we took out in my and my husband's name?
Also, please note that I am the Power of Attorney for my mother.
Thank you for any help you can provide. I contacted my attorney and he didn't want to look into it at the time.