Mom in nursing home---need to sell house?
(Morrison, IL, USA)
My 63-year old mother fell ill in April. She is now in a nursing home--medicaid is still pending at this point, but we see no reason she wouldn't be accepted.
She has a house with two mortgages and a vehicle which she paid off with the money from the second mortgage. I was told from DHS that her house would need to be sold within 6 months or a lien would be put on it. Her "boyfriend" would like to buy the house...which is what Mom wants.
I understand I need to get "fair market value" for the house and that any proceeds (after pre-paid funeral and attorney costs) would be paid to the nursing home. But what happens if the remainder of the mortgage amount is near or in excess of fair market value. How would we pay for her anticipated funeral costs and/or any attorney fees for the sale of her house?
p.s. My mom has no life insurance or any will/trust set up.
~Overwhelmed in Illinois