Caring for an elderly parent can be stressful; this is especially true for those diagnosed with a chronic or degenerative disease. As their condition worsens, they’ll require more care than you can realistically provide. But moving them to a nursing home isn’t as easy as it seems. For one, you’ll have to arrange to pay for the nursing home care, and may have to sell the house. Here are three things to know if you or your parent wants to sell their house before moving into a nursing home.
If your parent is covered under Medicaid, there are several conditions to be met before they could transfer their property without being subject to a penalty:
The property can be transferred to the homeowner’s spouse, or a child who is a minor, or is disabled. They can also transfer the property into a trust for the benefit of a disabled person (the trust can be for the benefit of the Medicaid applicant) under 65. It can also be transferred to a sibling or a caretaker child subject to certain conditions. If none of these conditions are fulfilled, you have no option, but to sell the house before your parent moves into a nursing home.
A reverse mortgage may seem feasible, but…
A reverse mortgage can affect Medicaid eligibility. It could make sense for elderly couples when only one of them has to move to a nursing home; and not if the homeowner is a single person who may soon need to move into assisted living.
We can help you sell your house immediately:
If you’re planning to apply for Medicaid and need to sell your house immediately, we can help you! We buy houses in Las Vegas and surrounding areas for cash. We can close in a week or less. We buy the house as it is – with all the unwanted items you cannot or don’t want to worry about. You don’t have to spend on major or minor renovations because your parents couldn’t keep up with the house. We’ll settle on a date that’s comfortable for you and even pay towards closing costs. This is a much better solution than selling through a realtor. You don’t have to pay realtor commission or carry out repairs. The We buy houses in Las Vegas process is simple – you call us; we’ll make an offer. If you’re happy with the quote, we’ll buy it for cash.