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If
you are at least 62 years of age with equity in your home, a reverse
mortgage specialist can help you access the cash in your biggest asset
without ever having to make a housing payment. It is no secret that this
unique option has become many seniors' best opportunity to enjoy their
nest egg while remaining in their home throughout their golden years. A
reverse mortgage specialist can guide you in retaining your Medicaid
eligibility throughout the process while protecting your heirs from
future estate liability.
After
working hard for many years to pay down your house note, residential
property often becomes your biggest asset, especially during the
retirement years. After age 62, many seniors choose to stop working in
favor of enjoying the benefits of years-often decades-of hard work that
they've put into their residence. This type of cash flow is otherwise
known as a Home Equity Conversion Mortgage (HECM) and is designed to put
money in your bank account by tapping into the available equity you
have in your investment.
In
order to determine whether you are eligible to obtain this unique
FHA-insured product, your reverse mortgage specialist will consider a
variety of factors including the amount of equity available and your
age. Unlike a traditional loan process, a your credit and income
requirements are not a factor, and there are no monthly payments
whatsoever. In fact, with this unique product, it is just the
opposite-the bank sends money to you while you enjoy retirement and
remain in your own home for years to come.
What
you may not know about these government-insured home equity payouts,
however, is that they can sometimes make budgeting for retirement even
more difficult if you or your spouse are dependent on Medicaid for some
or all of your medical care. This is where a reverse mortgage specialist
can provide expert advice once again. These highly specialized banking
professionals will guide you through the various options for withdrawing
your money that can affect not just your lifestyle but also your
Medicaid healthcare eligibility. In particular, certain assets are
exempt from eligibility scrutiny up to a specific dollar amount-and the
equity in your primary residence is one such asset.
You
can choose to receive monthly payments in a few ways: a lump sum at
closing, regular annuity payments, a line of credit, or some combination
of the three. As long as the payout from your line of credit is being
accessed and used in the same month, there is no conflict with
government Medicaid requirements. The idea is to keep your cost of
living in line with the payouts in order to avoid an excess of cash in
your bank account during any given month. In short, if you only withdraw
what you need to live on and what you plan to spend, your eligibility
should be unaffected by your annuity proceeds.
Since
Medicaid eligibility can be affected by the size of your bank account
and your disposable income, many seniors opt to access their equity in
the form of a line of credit, which provides them with what they need to
live comfortably every month without sacrificing their medical care or
having to come out of pocket for healthcare expenses. A carefully chosen
reverse mortgage specialist can help you choose your payout plan so you
can retain your Medicaid eligibility and enjoy the financial security
of your greatest asset while remaining in your home for years to come.
To learn more about your options for a reverse mortgage specialist, visit http://www.firstbankreversemortgage.com.
Article Source: http://EzineArticles.com/expert/Alfred_Ardis/663300
Article Source: http://EzineArticles.com/9379367
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