QUESTIONS?

CALL US: 703-319-2198


Top 5 Strategies to Protect Your Money from Medicaid

Published on Apr 15, 2016 | Reverse Mortgage Retirement Planning Annuity supplemental retirement income HECM Reverse Mortgage Seniors Retirement security

I am constantly hearing about asset protection strategy regarding Medicaid or other entitlement programs. If you go too far on the strategy you could end up with only two beans in your pocket. Not everyone is comfortable with giving funds away and the five year lookback applied can be limiting. Now I don’t claim any expertise on asset protection regarding entitlement programs. My only suggestion would be not to rule out all of your options when you plan. For instance, you can use a government insured reverse mortgage to pay off an existing mortgage and free up monthly funds for living. In essence, you have created your own annuity. In addition, a reverse will allow you to create additional access to your home equity without affecting the entitlements if you do it properly. The key is to establish a credit line for emergencies when you need it as opposed to accessing your home equity and plopping the money in a bank account. If you create an asset outside of your home versus my suggestion of the credit line then you more often than not will have adverse issues with entitlement programs. You can always check with your provider and ask the question before considering a reverse mortgage. This is what we have done for many of our clients. The reverse credit line does not interfere in most states and it provides an added level of security and peace of mind. Having said that, If we all know exactly what our needs were going to be and exactly how long we were going to live then we wouldn’t need to have this conversation. 

Click here for the full article on Aging Care website. 


George H. Omilan
President-CEO - NMLS# 873983
Jefferson Mortgage Group LLC
Located in Northern Virginia. Helping seniors with Reverse Mortgages in Virginia, Maryland, DC and Pennsylvania.

Questions/Comments encouraged.

Recent Posts

Blog Tags

Reverse Mortgage HECM Reverse Mortgage Retirement Planning supplemental retirement income Seniors Retirement security Financial Planning Short Sales Age in Place Government insured mortgage lifetime income with a Reverse Traditional Mortgage Home Care HECM for Purchase Retirement income insecurity home equity access Long Term Care Jumbo Reverse Mortgage solutions for underwater properties reverse credit line Social Security Eligibility for Reverse Mortgage Specialized Forward Mortgages Mortgage Loan Process Annuity Financial Assessments forgiven mortgage debt mortgage Inflation Debt Mitigation FHA 55+ mortgage debt forgiveness act foreclosure cashflow self-employed borrower VA LOAN Non QM HUD private label reverse mortgage Reverse to Purchase Mortgage Loan modification Investor Loans Real Estate Investment Loans VA Low Score Real Estate Market Jefferson Mortgage Group bank statement loan Housing Market investor financing No Doc Investor Loans Sandwich Generation QM HECM Changes Interest Rates High-Value Homes LESA Medicare Mortgage Rates mortgage debt Reverse Mortgage Eligibility Low Credit Score manual underwrite downsizing HELOC Construction Loan Fed Real Estate Economy 2023 changes growth factor DSCR 2025 changes Hard Money Loan Lending Limit increase Non-recourse loan modify your loan with your lender mortgage debt relief act Mortgage Deliquency Fiscal Cliff Business Cash-flow Senior Advocate HECM to Purchase Jumbo Reverse Second Trust Blanket Loan Seller Contribution Estate Plan Senior Care Diversification Second Trust Gray Divorce Jumbo Mortgage Loan Rentership Credit Score down to 500 bankruptcy MIP Unrestricted Approval Trump Principal Limit Factor success story Debt Treasury Commercial Real Estate 2021 Changes Property-based loan occupancy requirements Asset Qualifer FINRA Housing Prices assisted living LLC Asset Based Mortgage ATR Rule Second Trust Prequalification Non-Qualifying Loan