Q: My mom is running out of money.She wants to stay at home.
Is there a way she or I can take out a loan on her home so she can stay? So we can pay her home health care workers come and have all her food and bills paid?She owns her home and she had given me her other home that I lived in for 15 years.My son has lived with her for 2 years and has been taking care of her.Thank you!
A: There are different options.
Many people use a reverse mortgage to take money out of the value of their house. It is basically a loan with the house as collateral and you never make payments. You keep living there and in the end, the bank gets their money back, plus a bunch of interest, from the value of the house.
Have you tried government programs to pay for the help? Call your county offices and see if she can get In Home Support Services, or if Medi-Cal will pay for her care workers.
If your son is caring for her, she can pay him a reasonable amount and thereby keep the money in the family.
If you think she will be heading for a nursing home, then it is time to get the house into a trust. Medi-Cal will pay a person's bills but in the end they want to be paid back; putting the house into a trust will protect it from that payback.
I hope that helps.
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