medicaid

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.

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