I agree that it makes no good sense that a person entering a facility would be someone to co-sign a loan. I also agree I cannot imagine a mortgage company would allow it. Medicaid, in most states, has a 5-yr "look back" period on the financial portion of the application, so this would probably be "seen".
You never get done spending money when you own a house. A lot of times things come up that are a surprise and not budgeted for. My son just had an unexpected $3K plumbing bill to replace rusting and leaking metal pipes in his old home when things started to back up into his lower level. Even though he as a home warranty contract, they are giving him a hard time reimbursing him, and taking a long time to do it.
First, I would not ask a person who maybe ready to enter any kind of care to co-sign for me. If the one buying the house does not pay the mortgage, then the co-signer is responsible for the debt. I would also wonder why a mortgage company would allow it.
Medicaid does not allow a person to have more than one property. Recipient keeps the one they have actually lived in and the rest have to be sold. If the co-signer is not on the deed as an owner, I don't see a problem. I just don't think itsright to ask it of someone who can't even pay for their care. And if they can't afford care then I don't see where a Mortgage company would allow them to co-sign. If they are just living on their SS and maybe pension, they can't afford to make a payment if they have to.
IMO, if the person buying a house needs a co-signer then they should not be buying a house. Means your credit is not good enough or you do not have enough money down.
You never get done spending money when you own a house. A lot of times things come up that are a surprise and not budgeted for. My son just had an unexpected $3K plumbing bill to replace rusting and leaking metal pipes in his old home when things started to back up into his lower level. Even though he as a home warranty contract, they are giving him a hard time reimbursing him, and taking a long time to do it.
Medicaid does not allow a person to have more than one property. Recipient keeps the one they have actually lived in and the rest have to be sold. If the co-signer is not on the deed as an owner, I don't see a problem. I just don't think itsright to ask it of someone who can't even pay for their care. And if they can't afford care then I don't see where a Mortgage company would allow them to co-sign. If they are just living on their SS and maybe pension, they can't afford to make a payment if they have to.
IMO, if the person buying a house needs a co-signer then they should not be buying a house. Means your credit is not good enough or you do not have enough money down.