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Can they take the house or only one third its value if Father goes into long term care?

Can they take the house or only one third its value if Father goes into long term care?

Q: Does it matter whose name is on the mortgage?

Yes, whose name is on the mortgage matters because it determines who is financially responsible for the loan. If the mortgage is only in one person's name, that person is liable for payments. Additionally, it can affect ownership rights and how property is treated in legal matters, such as Medicaid claims or inheritance.

Full question:

Currently my fathers name is the only name on the mortgage {the house is not payed off yet}. If me and my brother get our names added to the mortgage, and sometime down the road our father goes into long-term care and needs money to pay medical bills, can they take the house or only one third its value?

Category: Elderly
Date: 04/07/2025
State: Pennsylvania

Answer:

Medicaid looks back 60 months from the date of a Medicaid application to determine whether you have made any gifts. The look back period is only an audit period during which time Medicaid has the right to review all of the financial records of the applicant.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What happens if my husband died and my name is not on the mortgage?

If your husband died and your name is not on the mortgage, the mortgage obligation typically remains with the estate. If the house is solely in his name, it may go through probate. Depending on state laws and whether there is a will, you may inherit the house or have to deal with the mortgage as part of the estate settlement. Consulting with an attorney can help clarify your rights in this situation.

Who owns the home when two names are on the mortgage?

When two names are on the mortgage, both individuals generally have ownership rights to the home. However, ownership specifics can depend on how the title is held (e.g., joint tenancy, tenants in common). This means both parties may have equal rights to the property, but the distribution of ownership can vary based on state laws and agreements made between the parties.

Do I own half the house if my name is on the deeds?

If your name is on the deeds, you typically own a share of the house, but the exact ownership percentage depends on how the title is structured. If it's joint tenancy, you may own half. If it's tenants in common, your share could be different, depending on what was agreed upon. It's important to review the deed and consult with an attorney for clarity.

Does it matter whose name is on the mortgage?

What are my rights if my name is not on the mortgage?

If your name is not on the mortgage, you may not be legally responsible for the debt. However, if the property is jointly owned or you live there, you may still have rights to reside in the home. Your rights can vary based on state laws and the specifics of ownership, so consulting with a legal professional can provide guidance tailored to your situation.