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 Re: Reverse Mortgages
Posted by Sonja on 5/13/05 2:03pm

In my opinion, an irrevocable trust and a lease for $1.00 a year (to the trustee's) til death or having to go into a Nursing home, would save assests.
I've seen where some people have had revocable trusts, and they have gotten sick and had to go into the hospital. The doctors have made the person, revoc the trust and pay them. So an irrevocable trust would protect assests.
However, you had better trust whomever you make "trustee (s)" - because they could throw your butt out of your own house if it isn't done correctly.
Also, if you go into a Nursing Home or Assisted Living type situation, Medicare and Medicaid would pay, instead of coming out of your assests.

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