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.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
