Legal Question in Elder Law in North Carolina
reverse mortgage
we plan to buy a home in NC. If you have a reverse mortgage and a husband or wife has to apply for medicaid, can the state take the money you received from the reverse mortgage.
Asked on 7/14/09, 4:53 pm
1 Answer from Attorneys
Dennis Toman
The Elderlaw Firm
Re: reverse mortgage and Medicaid
Yes. In effect, while the house is a noncountable asset, the cash received from the reverse mortgage is a countable asset.
But if you are applying only for one spouse, then there are ways to protect assets for the healthy spouse.
Answered on 7/14/09, 5:06 pm
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