I have a 94 year old grandmother whom I've been paying to take care of for years. She gifted me 230k 4 years ago and I plan to put her on medicaid in about a year when she passes the look back period. Her health has been declining the past few months and the person that I have been paying to help her says she can continue to help for another year as long as my grandmother's health does not get much worse. I'm only paying this person 300 per week. I estimate my grandmother costs about 22k per year, but that cost could skyrocket if she continues to decline. I've been using her social security (about 10k per year) and my savings to pay for her. She owns her own home worth about 200k that she has willed to me. My question is is it worth taking a reverse mortgage on her home to pay for her expenses instead of using my savings? I don't know if her health costs will increase but they could if I have to get professional home care and the person I have been paying can't do it anymore (she is not a professional). I realize if I get a reverse mortgage I have to be careful to not jeopardize her medicaid eligibility when the time comes. Maybe I should consult an Elder Attorney or someone else? I can't find a person who knows Medicaid law and is also a financial planner in my area.
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Should I take out a reverse mortgage on my grandmother's home?
- Thread starter ioticus
- Start date
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How do you plan to do that? Do you have a medical power of attorney or a court-ordered guardianship?
As for the other questions you asked, any coverage provided via medicaid will be below average. She should use all of her assets (or you should do so if you have a POA or guardianship) to pay for the best possible care that can be afforded. I think it would be a very good idea to consult with a local attorney.
quincy
Senior Member
Consulting an elder law attorney in your grandmother’s area would be an excellent idea.
What is the name of her state?
LdiJ
Senior Member
I am going to be a little more blunt than a previous poster since you didn't seem to get it. Medicaid nursing home care is some of the poorest nursing home care out there.
If you really love your grandmother, you should use every bit of your grandmother's assets and every bit of the money she gave you some years ago, to make sure that she gets far better care than what Medicaid provides.
quincy
Senior Member
You can speak to an elder law attorney in Virginia by going to the Virginia State Bar, Virginia Lawyer Referral Service, at https://vlrs.community.lawyer or you can find an elder law attorney in Virginia at https://www.attorneypages.com
Good luck.
Good luck.
quincy
Senior Member
The attorney(s) you speak to can refer you to another attorney if unable to provide you with what you need to know. The links I provided also give you access to attorneys who specialize in financial planning.
A reverse mortgage at your grandmother’s age, by the way, seems a bad idea to me. Be sure to discuss this with the elder law attorney.
Good luck.
quincy
Senior Member
You’re welcome, ioticus. I appreciate the thanks.
quincy
Senior Member
Interesting.
I am fairly confident that any experienced elder law attorney will have good recommendations on what is best for grandma. With the available money, grandma could be able to get nursing care in her own home.
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