Extended Living Funds

Resources

Reference Links & Booklets

AARP on Reverse Mortgages
http://www.aarp.org/money/revmort

The U.S. Department of Housing and Urban Development (HUD) on Reverse Mortgages
http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm

The following information booklet is published by the AARP on reverse mortgages:

Just the FAQs: Answers to Common Questions About Reverse Mortgages

Use Your Home to Stay at Home: A Planning Guide for Older Consumers

Use Your Home to Stay at Home: A Guide for Homeowners Who Need Help Now

Using Reverse Mortgages for Health Care: A NRMLA Guide for Consumers

Modifying Your Home to Promote Greater Independence: Guide to Aging in Place

The Line of Credit payout option seems to be the most feasible way to receive reverse mortgage proceeds for individuals using government healthcare coverage.

	Description	Is Eligibility Affected?	Requirements	Example
Medicare	A nationwide health insurance program for people age 65 or older and people entitled to Social Security disability payments for 2 years or more, regardless of income ( an entitlement program).	No, a reverse mortgage will not affect your Medicare eligibility.	N/A	N/A
Medicaid (MediCal)	A federal government sponsored program that isintended to provide health care and health-related services to low income individuals. This program is administered by individual states and benefits will vary from state to state (a form of welfare).	Yes, a reverse mortgage could affect your Medicaid ( Medi-Cal) eligibility, if not properly structured.	Medicaid ( Medi-Cal)eligibility reguires applicants to have no more than $2,000 ($3,000 for a couple ) in countable assets one day out of the month.	If applicant draws money from the line of credit and writes the Line of Credit check out directly to another person/company the money does not pass through countable assets. Or, if applicant draws $4,000 from the line of credit and spends it the same calendar month, Medicaid (Medi-Cal) is not affected. Any amount left in their bank account, including liquid resources, exceeding $2,000 ($3,000 for couple ) the following calendar month will make the applicant ineligible.

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