What is the name of your state (only U.S. law)? NY
My aunt is fairly close to going into a nursing home. She has some money in the bank (approx $20k) and her home is worth about $80k and is paid off. I am interested in buying the house when she does finally go to the nursing home but Im unable to qualify for a mortgage.
Can she hold the mortgage on the home for me?
What happens when she runs out of money and medicaid tries to take the house?
Is my promissory note with my aunt just transferred to medicaid so now medicaid holds my mortgage? Or can they demand payment in full immediately?
Thanks
My aunt is fairly close to going into a nursing home. She has some money in the bank (approx $20k) and her home is worth about $80k and is paid off. I am interested in buying the house when she does finally go to the nursing home but Im unable to qualify for a mortgage.
Can she hold the mortgage on the home for me?
What happens when she runs out of money and medicaid tries to take the house?
Is my promissory note with my aunt just transferred to medicaid so now medicaid holds my mortgage? Or can they demand payment in full immediately?
Thanks