As our loved ones grow older, they often need extra care. Many times, this means selling a home the may have lived in for decades, and moving into a retirement community, nursing home or assisted living facility. And in many cases, these are older homes in need of renovation, making them difficult to sell on the traditional real estate market. If you or a loved one are in this situation, you may be thinking, “Maybe I should sell my house for cash.” Whether you need to sell a house fast or don’t want to worry about showing the home or making repairs, selling your house for cash can often be your best option.
Paying for Care through Medicaid
Many families apply for Medicaid to help pay for living expenses. However, if the elderly parent still owns a home, Medicaid will not pay until all assets related to that home have been exhausted. In some cases, you may even sign a waiver giving Medicaid the right to assume ownership of your home. And once your parent has moved into a permanent, long-term facility, they can sell the house. And, of course, Medicaid doesn’t really care about getting you the best deal. They just want your assets liquidated so the money can be used to cover your medical expenses.
Is There A Way Around the Medicaid Issue?
Every state has different laws concerning Medicaid’s right to assume ownership of an applicant’s home. But, there are three main exceptions that allow for home ownership to transfer without any type of Medicaid penalty:
- Prior ownership sharing by children or siblings that is longer than five years, where the co-owner has lived in the home at least the year prior
- There is still a minor or disabled child living in the house
- An adult child has been living in the house and caring for the elderly parent for at least two years.
If your family does not meet any of these conditions, you may be left with a difficult decision. Either apply for Medicaid and likely forfeit the home, or sell the house and use those funds to provide care. When making this decision, you’ll want to consider the value of the home, the condition of the home, your loved one’s life expectancy, and more.
I Need to Sell My House for Cash to Pay for a Nursing Home
The need to sell your house to pay for nursing home care can easily catch you by surprise, especially if your elderly parent has a fall or develops a condition that causes their health to deteriorate rapidly. In these situations, you’re probably saying, “I need to sell my house for cash, fast.”
That’s where a real estate investor like Home Cash Guys comes in. Unlike a traditional buyer, companies that buy houses for cash will buy houses in any condition. You won’t have to worry about cleaning, staging or repairs, or a sales process that could take many months. You’ll have greater control over your family’s resources. And in most cases, you’ll get a better deal than you would if you handed the house over to Medicaid.
Need To Sell A Home Fast in The Greater Philadelphia Area?
At Home Cash Guys, we buy houses for cash in Philadelphia, Delaware, Chester, Bucks, Montgomery, Northampton, Lehigh, and Berks County, and pride ourselves on making fast, fair offers on houses in any condition. You’ll be amazed at how easy the home selling process is, and how quickly you have cash in your pocket. Call ss at (844) 687-3569 today or fill out this form to get started.