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kettou Asked June 2014

Mom owns a house where I live. How do I get a mortgage on my Mom's house when I have very little money?

My mother owns a town house and I am disabled and the caregiver. If she applies for Medicaid she has too many assets. I want to keep this apartment but don't make enough to qualify for a mortgage. we also have a second rental apartment. I have been told that everything we have to sell everything and put my mom house in my name. I don't know what to do. My mother also claims the rental income because I can't I will lose my benefits. My mother doesn't have to get Medicaid right now but she will need in house caring in the future. I want to know how do I claim the mortgage income in my name without losing my benefits in My mother has dementia. Thank you for your help.

pamstegma Jun 2014
Don't tell anyone you are a caregiver on disability. That's a red flag and your disability payments will stop. Don't put anything in your name, either. Nor can you get a mortgage. Someone is giving you all the wrong advice. See a lawyer about how she can protect her assets, what a proper spend down involves, but please don't go selling or giving away anything until you see the attorney.

jeannegibbs Jun 2014
See an Elder Law attorney. This may seem expensive when you are so broke, but it is critical to plan ahead and do it correctly.

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igloo572 Jun 2014
The rental property will be very sticky to deal with & get approval for Medicaid for your mom. Really you need to get all your & moms property details, both of your financials and spend the $ for an elder law attorney.

Medicaid is limited for those who area"at need" both financially & medically.Having rental property that makes her income above the limit will likely always keep her from quoaify

assandache7 Jun 2014
Talk with an Attorney that specializes in Elder Law..

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