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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 care services they need.

Reverse Mortgage proceeds allow many elders to stay at home by using the equity to pay for care not covered by the T19 program and to pay for costs to upkeep and maintain their homes.

There are requirements about how to hold these assets and prohibitions against gifting them.

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