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My nephew is on "workability" with Medicaid. He is allowed money in the bank and has a cap for working.
You need to talk to ur caseworker. It will probably will depend on the income ur bringing in.
I don't see the need for a lawyer ur caseworker should be able to help.
if you have not yet signed the paperwork, don’t.
the banking group won’t be happy as the bank officer or branch manager may get points for bringing in lending, & they will want to close out all out before EOY; but you imho need to wait to find out exactly what the HELOC does to your Medicaid eligibility & that’s something you you to clearly discuss with your caseworker. It may not be worth doing if it takes you off Medicaid and you really need Medicaid coverage for the type of health issues you have.
If it’s a lump sum $$$ payout, and the $ is reported as income, it will pop up for 2019 filings to the IRS. And it will be just a few keystrokes for the State to find out and then your ineligible for anything low income as you have all that $.
if it’s a LOC type of HELOC (line of credit), that may be more manageable if you can keep the draw as low as possible so that you do not go over the MedicAID income max. Although a low draw (like say $200-400 a mo) may not give you the $ you need for your debts.
out of curiosity, if this is a HELOC, did you approach the bank on it, OR did a bank officer approach you to do an application??? Your like the 3rd home equity type of ? in a couple of months on this site. Imho HELOC are good for big home improvement stuff if the applicant is still working with a salary coming in, but is kinda predatory for those retired or low low income as they can’t afford taking on the debt. It’s not quite as bad as a Reverse Mortgage but it’s still debt that must be repaid as the loan has terms for repayment & can be called in and you will loose your home if not repaid.
& others have said, you do NOT want to gift any $ to your mom. this just sets up all sorts of issues for both you & her.