Will this disqualify me from Medicare and Medicaid?? I don't want to be shady but am on my own and worry about having no safety net. How do I proceed with the strong desire to sleep at night!! I have been totally homebound for a year and health issues so bad I have lost 100 pounds....my hair...teeth and my dignity.
As said, I would not consider a reversed mortgage at this point. There are other options. I would call your Office of Aging and see what resources are out there to help u make decisions. In my state Medicaid pays for ALs after at least 2 years of private pay. If u have enough equity in ur home, maybe a choice. Maybe OA can evaluate your home and help make it easier to get around. Find transportation so u can get out of ur home.
You honestly now need a financial advisor on what to do, one you can give your assets and diagnosis, prognosis, and all things pertaining.
So dreadfully sorry you are going through this. Hope you will update us on how you are doing.
A single level home with only a step or two needed to enter the house and a level or gently rolling yard is very desirable as we age. A ramp isn't too difficult to manage/install for a couple of steps. My aunt sold her house and purchased a 2D 2BA "ranch condo" in a retirement community located fairly close to town. She had a small yard that was perfectly maintained from the HOA fees and the option of adding services like medication management and housekeeping when/if she needed them. The condo had wide doorways and one large bath designed to accommodate wheelchair/walker needs while the second bedroom and bath were smaller with a walk in shower.
Medicare is not income based unless you get a hardship waiver but usually requires a 2 year waiting period after disability before you quality. Medicaid is income based and asset based but excludes your home and one car from the assets. Any equity you pull from your home would most likely be an asset you would be required to spend down in many states before you could qualify for Medicaid. I would encourage you to use any equity to you might pull from your home to do modifications require to support you continuing to live in the home or to pay health care insurance costs during the period before you qualify for Medicare.
I suggest you contact your Area Agency on Aging (AAA) and ask the social workers (SWs) there to do a needs assessment and determine what services you qualify to receive. The needs assessment could also be forwarded to AAA in other areas to determine what services you would qualify if you moved there. A good elder law attorney could probably help you determine if setting your income up in a miller trust would be beneficial to help you qualify for Medicaid; most attorneys will provide one consulting session without charge.