It’s a straight forward question. I want to purchase a second home for income rental. I don’t qualify but have the funds to pay the mortgage. Mom definitely qualifies as she has the income. (I gave up my full time job to care for mom that’s why I don’t have the required income). Mom's money will never be touched for any payments whatsoever.
How will Medicaid view this in the 5 year look back period?
And yes, with her name on the deed and not her primary residence, the home would have to be sold as part of the Medicaid spend down.
The first is that you state in your profile that your mother has Dementia, as such she cannot enter into a contract.
Second, if you have no income how do you expect to pay the mortgage? I know you expect to receive rents, but owning a property is expensive and where would you come up with contingency funds for repairs and maintenance? What is a tenant is late paying their rent?
Third, do you have siblings? If yes, then read all the posts here where elderly parents 'help' one of their adult children.
Fourth, if Mum has money, why are you not being paid for care giving?
Fifth, it is not possible for your to guarantee that Mum's money would never be touched. You cannot control that. The bank will. If you miss or are late on a payment, the bank will take it from Mum's account.
Six, what happens when the mortgage comes up for renewal and Mum is perhaps in a nursing home? Or has died?
Seven, have you ever been a landlord?
Why isn't your mother paying you for her care?