The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Nursing Home & Home Sale??||Date: 7/29/2000 8:00 AM|
|Author: JPloessl||Number: 23769 of 76395|
My parents own there home free and clear and also have a Land contract on a home they sold to my sister and her family.
They are getting up there in age and dad just had heart surgery. They are worried about the possibility that if one or both of them needs to go to a nursing home, that the nursing home will be able to take ownership of there home, and then they will lose all that they had worked for. Then the one who is not in the nursing home may not have any money to live on.
They would like to sell it to a family member, and then they would always have a home that they can live in. The problem is that they think a nursing home can reverse the sale of a home, if it has been done 3 years
prior to entering a nursing home. The nursing home will then sell the home and keep the proceeds for payment of nursing home care.
Do you have any advice or know where I could get more information on this???
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|