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Can you alt travel at Accenture?
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Can you alt travel at Accenture?
The consulting life đĽ´
Gotta social distancing you know
I'm so boooooorrrrrreeeeeeddddd
Rising Star
If they transferred the house as a part of Medicaid planning, transferring it back will blow up eligibility.
Youâd also want to document pretty significant changed facts and the purpose for the transfer. Even with that, Medicaid is probably going to retroactively claw back benefits.
Rising Star
You probably need a qualified counsel to look at the issue. Iâm certainly not that, but Medicaid eligibility is based on assets so it seems like it would be an issue.
How much cash do they need? Why don't you do the reverse mortgage yourself and gift them the cash?
Chief
Young people canât get reverse mortgages.
Does it make sense to sell the house and buy either an apartment or cheaper house and then give them the proceeds?
Enthusiast
Unfortunately no, we would never want to propose they leave Southern California (theyâre very happy here) and also thereâs really no such thing as cheaper around here unless we had them move to a class C neighborhood or below
my personal vote is a HELOC! itâs not permanent, itâs quick (5 bus days with figure) and you donât have to transfer the home or pay closing costs like on a refi. but you would need to pull the funds out versus if you transferred the home back and they applied for a cash out.
yes you can pull it all at once! but they will charge you interest. like principal said you can pull as much as you want but also repay anytime in larger increments or all at once but youâll have to make minimum payments monthly
Chief
Do you want to continue owning the house when theyâre gone?
Chief
So⌠in that case any money you borrow against the house needs to be paid back, out of your pockets