The Aid and Attendance Benefit Program (discussed briefly in another entry) certainly seems ideal for those war veterans and war veteran spouses with large medical bills. That said, however, couples who benefit from this program may still face expenses such as property taxes, utilities, groceries—so they shouldn’t fall into the trap of thinking they have no more worries. As such, should you find yourself facing a deficit even after you receive benefits from this program, then you may want to consider a reverse mortgage to help supplement the benefit of the Aid and Attendance benefit program.
A reverse mortgage allows you to pull equity out of your home without paying tax on it. However, as you seek additional info about obtaining a reverse mortgage, you may also want to consider how factors such as Medicaid or other VA benefits affect your eligibility for these programs. For instance, while a reverse mortgage does not affect regular Social Security or Medicare benefits, those who receive Medicaid may be ineligible should they receive a reverse mortgage. To explain, the funds made available through the reverse mortgage must be used to pay for all medical expenses, and any leftover funds from the reverse mortgage can actually work to disqualify individuals from Medicaid. Because this process grows more and more complex as you consider other common factors, your best bet when navigating through this potentially confusing process may be seeking the professional advice of an Ohio elder law attorney.
