My question involves estate proceedings in the state of: Illinois.
My mom has a $170,000 Reverse mortgage on her home.
She has only $38,000 left to take from it.
The house is in trust.
My mom also has both Medicare & Medicaid.
Her income is poverty level.
I am her only child & beneficiary of the trust.
Upon my moms death, it is understood that in order for me to aquire her house, I would need to pay back the balance due of the reverse mortgage.
How long would I have in order to pay it back?
Also, I know I would not qualify for a loan to pay back the RM, so am I correct in thinking I would have to sell the home, pay off the RM, and whatever is left I would get to keep or will Medicaid expect to get paid back?
My mom has a $170,000 Reverse mortgage on her home.
She has only $38,000 left to take from it.
The house is in trust.
My mom also has both Medicare & Medicaid.
Her income is poverty level.
I am her only child & beneficiary of the trust.
Upon my moms death, it is understood that in order for me to aquire her house, I would need to pay back the balance due of the reverse mortgage.
How long would I have in order to pay it back?
Also, I know I would not qualify for a loan to pay back the RM, so am I correct in thinking I would have to sell the home, pay off the RM, and whatever is left I would get to keep or will Medicaid expect to get paid back?
Reverse Mortgage
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