reverse mortgage
Hi, Trying to get info as to what is needed to apply for a reverse mortgage. I'm 68,single and about 5 years ago moved into my moms old house when she was moved into an long term assisted living facility. I am power of attorney for both medical and financial for her and her assests(which are now gone so she can be on medicaid).The medicaid people cleared me as being owner of the house.. I have paid all the tax,utility and maintenence bills since I moved in.Do I need to get an "offical" document listing me as owner? Thanks...ps thanks for all your great advice on WGN tv and radio...
Terry Says
Hmm, this is a tough one. The "Medicaid people" didn't put you on the title to the home; they only declared it "exempt" from recovery to pay for your mother's costs, because under the state's rules for recovering assets, a home occupied by a spouse or adult child is considered exempt. Your name must be on the deed in order to qualify for a Reverse Mortgage. And although you can get a RM at age 68, you'd be better off waiting until later so you can get more money on a monthly or lump sum basis. Go to http://www.reversemortgage.org/to learn more and to find a local RM lender. I think you might also need to contact an elder law attorney to find out exactly how to get your name on the title under these circumstances. I always recommend Janna Dutton in Chicago at 312-899-0950. And if you're elsewhere in the country search for an elder law specialist at www.lawelderlaw.com.
