Legal Question in Real Estate Law in Ohio

My parents live in MI and I want them to move to OH, near me. They are planning to move and I am looking to buy a 2nd home for my parents to live in. My lender has said that it is best to have one of the parents on the mortgage because I would get a lower interest rate and lower down payment requirement if an occupant of the property was on the mortgage. My parents are fairly young, yet I have a concern that with a joint ownership I could risk losing my investment should something happen to my parent where they would need to go in a nursing home. Do you know if Medicaid could come after a joint ownership home?


Asked on 5/18/10, 4:37 pm

1 Answer from Attorneys
Elizabeth Schmitz Elizabeth S. Schmitz Attorney at Law

For Medicaid purposes the house would be considered an assets owned by your parents and could effect their eligibility. If they are able to qualify Medicaid can put a lien on the property for any benefits your parents receive.

You should speak with an attorney who can assist you in accomplishing your goals.

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Answered on 5/24/10, 4:58 am


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