For elderly persons a reverse mortgage can really help them to enjoy their retirement with the funding necessary for everyday life. There is no need to worry about the money received from this type of home equity loan decreasing your eligibility for Medicare. If you have Medicaid however it is possible that the proceeds you receive could be deducted from the amount of coverage you get. That could potentially mean that you lose all of your coverage entirely, or for a certain period of time.
Sing you can get a loan like this and not have to worry about it affecting your coverage, the extra money can really go a long way. Many people choose to use it for home renovation, or just everyday living. It is no secret that many elderly people don’t have a lot of extra money, and using there homes equity can really free them up financially. A reverse mortgage will not affect your Medicare, but if you have Medicaid it most certainly can. Be sure you understand what type of coverage you have before making any decisions.
While you may feel safe knowing that you won’t lose coverage, it is important to remember that there will still be restrictions in regards to how much coverage you can use. In a year period the government has set up certain limits that can not be surpassed. You may still have to use some of your own personal money even though a reverse mortgage does not affect your Medicare coverage in any way. Be smart and you should have no problems at all.