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You need to see a certified elder law attorney with a copy of the trust, the taxes, the financials of your parents etc. This attorney must be proficient, experienced, etc in dealing with trusts and Medicaid for your parents state.
There are so very many details to consider and each state has different laws.
And if and when that money runs out you can apply for Medicaid for them.
What type of care is needed? Is it a few hours a day or 24/7 care?
There are programs that can help.
You can check with your local Senior Service Center or local Area Agency on Aging. either might be aware of programs that your parents might be eligible for.
Are either of your parents Veterans? If so the VA may be of big help. And depending on where and when the service was it might be a little help or a LOT! Contact your local Veterans Assistance Commission. The services they provide are free. If they qualify there is Aid and Attendance that will provide some income.
One of the things that might be worth spending some money on is a consultation with an Elder Law Attorney. make sure you have all the paperwork done that you need to have done in order to legally be able to help them and make decisions for them when the time comes.
While wanting to keep them in their house is a great idea it is not always the safest, easiest and least expensive option.
This isn't DIY stuff. It makes a huge difference if you get a reverse mortgage in helping pay for inhome help and etc DEPENDENT ON how much the reverse mortgage gives monthly. HOWEVER, most are payable within a few months of exit from home, whether for care in -facility or not, forcing sale of home. AND they add to the monthly income of a senior who may WITHOUT THIS CASH be qualifying for Medicaid. WITH the cash they may not qualify.
For instance:
Myrtle applies for and gets a reverse mortgage loan.
Myrtle gets 700.00 SS a month.
The reverse mortgage gives Myrtle another 2,000 a month.
Now Myrtle falls and breaks her hip and isn't recovering. She must enter care.
Her income now, however is 2,700 a month and she may not qualify for Medicaid help.
There are so many other things to weigh and these are legal matters that are changeable for state you live in and dependent on other assets.
Do see an attorney.
Also please get a Realtor who understands that the place will really truly be Seller is “as is” no warranties, no repairs, so buyers offers accordingly.
If it’s sale price suggested by the Realtor is wildly different & lower than its tax assessor value, I’d suggest that you get it inspected and appraised. Both done by registered and licensed professionals as selling for under FMV will be an issue for LTC Medicaid should elder run out of $ and end up applying for this Medicaid program to pay for their stay in a NH. Also this program looks at all their finances and if they gifted any $ - like gave some house sale $ to others - they will be penalized.
reverse mortgages are imho smoke and mirrors. $ wise it’s about 45% of value of the house and it is a loan that has 2 be repaid if family should want the property. If the property still has a mortgage on it, that has to be paid off first from the reverse mortgage $ before you can be paid. On the RM the owner still responsible for taxes, repairs and insurance. If they have owned the place forever, their insurance may be outdated. But now it has a new mortgage so all new coverage needed and maybe costly. If insurance, taxes, or repairs not done, the reverse mortgage can be called in, payable in full.
For a HELOC a homeowner will need a credit score and source of income. If old, have no payroll to show. Their SS payments alone may not be high enough to qualify for a HELOC. Heloc is a loan that has to be paid back. And it won’t be a 30 yr like a regular mortgage. But maybe 10 years cause borrower is old so bank wants it paid off before you’re likely to die. If borrowers need all the HELOC $ to pay for a NH, they won’t be able to pay the HELOC and that will be a problem. As the bank will foreclose.
Sell it..
unless for some odd reason you cannot.. or don’t want to.
"Oh, but we all grew up there and Daddy wanted us to spend our whole adult lives having vacations there!" or "Mom may be able to go back there someday, so we have to keep it!" Nope. Nope. Nope.
It's your parents' asset, it should pay for their care, and you don't need the hassle of keeping it. Which it will be, since I doubt that your parents are presently up to it if you're thinking about care for them.
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