Posted by Brandi_TX on April 20, 1999 at 11:11:26:
From what I gathered, neither the Nursing Home or the state take possesion of the home. They just include it’s value in their calculations, or take the proceeds from a sale, or you keep the proceeds and count it as income that decreases your eligibility.
I don’t believe that Nursing Homes are in the business of “taking houses”. If a Nursing Home was to take title to a house I am sure it would be because the family made arrangements to do so, and it was to the benefit of the home to agree. It is not their RIGHT to TAKE anyone’s house. (Allthough the qualification guidelines can seem to FORCE aperson to sell their home to come up with the dough!)
So in answer to your first post, I don’t see a tremendous opportinity to get houses from Nursing Homes. BUT, who am I to say what the Homes in your area do. After reading the sites I gave you, GO ASK the homes what their procedures are. You never know until you ask.
I was wondering if someone could shed some light on this subject for me…A guy I work with told me that if a homeowner ends up going to a nursing home, without any money ,the nursing home will take the homeowners home. Simple enough, but, he also says that any sale two years prior to the homeowners going into the home is void and the nursing home still gets the home. He claims this is to prevent last minute sales to family members in order to keep the home/equity in the family.
First of all if anyone can tell me this is bull, it would be appreciated. Second, if it is true it seems that there would be plenty of opportunity to take these homes off of the nursing homes hands at a good price. But I find it hard to believe the nursing home could come and claim a home that I bought 20 months ago because the x-owner is in their facility…Any ideas?
Re: Nursing Care Opportunities? - Posted by Brandi_TX
Posted by Brandi_TX on April 19, 1999 at 20:50:13:
It seems to me that your friend is a little mislead but on the right track. The Nursing Home itself will not reclaim the house and take possession of it, rather they (The Nursing Home AND/OR Medicaid - 2 separate issues)will determine a) if the value of the home can be used in calculating the resident’s assets. b)if the sale of the home was sold for the purpose of decreasing assets in order to qualify for eligibility.
If the Home was sold, and can be counted toward their assets, it will not be taken back. The value of the home will be debited from the amount of financial help the resident will receive (as if they had paid the nursing home with the proceeds).
There are many ways a property can be excluded from being included in the calculations. Now would be the time for Bill Gatten to plug his PACTrust. (LOL, or his woodchucking skills)
Here are 2 sites that may be of some assistance to you. The last paragraph was taken fron the 2nd site.
“The timing of the disposal should be taken into account when considering the purpose of the disposal. It would be unreasonable to decide that a resident had disposed of an asset in order to reduce his charge for accommodation when the disposal took place at a time when he was fit and healthy and could not have foreseen the need for a move to residential accommodation.”
Hope this helps. If not, you can always call any local Nursing Home and ask to speak to someone from addmissions. Let them have all your questions.
Thanks thats seems a little more realistic. I’ll check out the links. In the standard case however, (no sale involved) does the nursing home actually take possession of the home or does Medicaid?