What do we need to do to make sure our home is secure should either of us need to go into a nursing home?

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Bhirschfeld Asked March 2022

What do we need to do to make sure our home is secure should either of us need to go into a nursing home?

My partner & I share a home that he previously owned. He took out a RM, which I paid off, and now the home is owned by a rev trust in both names. We have been together for about 12 years. We live together but are not married. The home is now owned by a living trust in both our names and I am paying the mortgage (from the RM). He has a mild form of dementia. He could not live alone but he is of sound mind. We are pretty comfortable in our home. We both have social security income. I work part-time. At some point one or maybe both of us will need nursing home care.

Elder Law Estate Planning Financial Planning

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score 0 · Answer 1

Not sure how this works when a trust is involved. Doesn't a trust protect the home from Medicaid recovery if done over the 5 year look back?

Usually, if ur SO was a Medicaid recipient, you would remain in the home because the house is exempt. But upon his death, the house is now an asset that Medicaid can recover from. But because you live there a lien would be placed on his half and satisfied at time of ur death, you leave or sell the home. But you have a trust.

See an elder lawyer very well versed in Medicaid law.

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score 2 · Answer 2

I'm confused. The title of your post states that your partner obtained an RM, and you paid it off, Your opening paragraph states that you are "paying the Mortgage (from the RM)." You're paying the mortgage from the Reverse Mortgage? I'm not sure what this means. Perhaps I misunderstood.

Is the RM still open, and still a lien against title? I'm also wondering how your partner obtained the RM but you're making the payments, apparently w/o being a co-mortgagor. Your partner actually is still responsible for the RM, and I'm wondering how the RM mortgagee allowed or agreed that he could substitute you for himself, thereby apparently assuming his responsibility under the RM.

There's a missing link in the chain of responsibility. Could you clarify?

Who specifically executed the Living Trust? Him? Both of you? Was the home then retitled to the Trust?

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Yes it is confusing. He took out a reverse mortgage to make repairs to the house. We decided to pay off the RM. i took out a mortgage, we paid off the RM and put the property in a trust with both of our names. So we now own it jointly. No RM. Just a mortgage I pay. So we own the property jointly. Hope that clarifies.

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score 1 · Answer 3

Thank you. We paid off the reverse mortgage. All paper work done. I’m more concerned as to how our partnership will be considered if either of us has to go into a Medicaid nursing home.

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score 2 · Answer 4

Please see an attorney, taking your RM papers with you. This is something you need to understand. Let the attorney know what how the deed is titled on the home. Keep all your payments and receipts and good files. I am not familiar with RM on homes with a Mortgage, but once the payments monthly are made to the amount stipulated the "loan" will be payable in full.
I am concerned for you, and hope you will check this out with a legal professional in your area. Best out to you and your partner.

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What do we need to do to make sure our home is secure should either of us need to go into a nursing home?

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