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QUESTION:
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medicaid | | HOW DOES HAVING REVERSE MORTGAGE AFFECT MEDICAID IN FLORIDA? |  | asked by ehollis, 11/12/2007 |
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Categories:
Prescription Drug Coverage, Caring for Aged Parents, Long Term Care Insurance, Medicaid, Reverse Mortgage, Medicare, Social Security, Health Insurance
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| ANSWERS: | | Answered by: SilverSurfer, 11/18/07
Overall Rating:  Be the first to rate it. | A lump sum distribution from a reverse mortgage that stays in your bank account could make you in-eligible for Medicaid in Florida - since it would count towards the asset test. You may be able to get a reverse mortgage to get rid of your mortgage payment and not take a lump sum or you may be able to immediately use the money for some other purpose, so that it doesn't affect your assets - however you should talk with your Medicaid office and a Florida licensed reverse mortgage specialist before deciding what to do.
Any lump sum from a Reverse Mortgage in Florida should not affect Social Security or Medicare, since they are not asset based. Login to rate this answer: | | Answered by: Tamera, 04/08/08
Overall Rating: Be the first to rate it. | It wont affect it as long as you take any available proceeds in a line of credit, or monthly income, that you will be spent in that month. Do not keep excess funds in your checking account. Only draw out what you need , when you need it.
Good luck!
Tamera Field
Reverse Mortgage Specialist
Financial Freedom
877-632-7890
tfield@ financialfreedom.com
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