My mother assisted my husband and I in a refi of our home we have owned for 20 years in 2018. Our hope was to secure a better rate using her credit score as we had some financial constraints at that time, and wanted to obtain a better rate. She is named on the mortgage but the home is in a trust with only my husband and I as trustees. Will having her on a mortgage deed affect her ability to obtain services should need be in the future, medically? Will they count it as an asset for her, though she has no financial investment in the home? She is 78 and suffers from wet macular degeneration and I am trying to prepare for needs in the future. Thank you so much...in advance for your help and guidance here.
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Medicare has nothing to do with Mom being on a deed. Its health insurance we all are entitled to at 65. How much or how little money you have does not effect you getting it. Medicaid goes by assets and monthly income.
When you did the Trust, did Mom sign anything, like turning her 3rd over to you? Was it disgusted with the lawyer that she was on the Mortgage? When was the trust done? Look back for Medicaid is 5 years.
There is no such thing as a Mortgage deed. You should have the deed in hand. It should be filed with the County Clerk for tax purposes. When the Mortgage is paid off, you take the paperwork to the Clerk and they make a record that the Mortgage is paid off.
Like I just did for my grandson. I co-signed so he could get a car but he gets credit for the payments, the title is in his name and so is the registration. Its his car. I am only responsible for payments if he defaults on the loan.
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