We currently live with my wife’s grandmother in PA. Her primary caregiver (so- in-law, my father-in-law) had a stroke. He will no longer be able to take care of her. We have two children and can’t take care of both my FIL and wife’s grandmother. We need to have her placed into a nursing home (long term care).
We would like to keep the home that we are currently living in. It is in the grandmother’s name, but we all split the mortgage. I was thinking of doing a mortgage assumption to take over the mortgage myself. I’m not sure how to protect the home from being taken, and I need to protect it because my father-in-law will not have a place to live.
I’m wondering if the home is an excluded asset, as it is under the equity limit, and we currently live in the home with my father-in-law who was her primary care giver.
If anyone could give me some insight that would be greatly appreciated.
If you wish to purchase the house, you would need to buy it at current market value.
You may want to double check that with your State Medicaid office. And please note that Medicaid is paid by us taxpayers.