Can an elderly parent deed over the house with a refinance loan of 49 000 pending to a son?

In
I am trying protect the house assets should elderly parent need to use a nursing home and in support service in the near future like six months.

Chiquita
Your parents can add you to the title witout any problems. Make sure they stay on title though. You can then get them to sign a power of attorney and put you in charge of everything. If they deed the property over to you and take themselves off, the bank who hold the deed of $49, 000 can demand the money be paid back to them immediately. Just an FYI once you are on title for a full year you can go ahead and refinance the loan and take your parents off at that time. Or if you want to do it sooner, you can do a purchase loan in your name right now.Good luck and hope your parents are ok.

Damaris
The son would have to take out a loan to pay off the $49K in the event of the deeding. . . he can't take himself off a house that has a loan outstanding on it.

Oscar
I believe you are too late. Medicaid can go back 5 years from the time support is necessary. If your parent deeded the property over to you now, you could lost the property because it would be considered a "gift in knowledge of going into a nursing home". I do not know if your parent is just elderly or if he/she needs 24 hour care, if she/he is just elderly have you considered moving in with them so that you can take care of them or having a housekeeper service that will come in everyday or every few days. With the alarm systems that people can wear to alert emergency personnel more people can stay intheir homes. With a little support, your parent should be able to stay in her own home

Corrie
I doubt the mortgage bank will release the deed (I sure wouldn't blame them if they refuse).Consider getting a long term care policy.If your elderly parent does not pay for their care, who will?