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Posted in Housing, Title 19 Medicaid on
A RAM is a home equity loan that allows certain seniors (generally age 62 and older) to convert some of the equity in their homes to cash and still retain ownership. Generally, the homeowner (or the homeowner’s estate) repays the lender the loan amount plus interest when he or she dies, sells, or moves out […]
Posted in Title 19 Medicaid on
Reverse Mortgage/Home Equity proceeds excluded. CT Legislators just passed a bill that allows those applying for or on the CT Home Care Program for Elders to exclude loan proceeds from a reverse mortgage, home equity loan or other loan instrument from being counted as assets or income. After the DRA 2005 these proceeds have been counted as income and many people have not received home […]
