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MAABD MAABD MAABD MAABD MAABD MAABD MAABD MAABD Division of Welfare and Supportive Services E-410 Medical Assistance Manual RESOURCES 24 Sept MTL 04/24 TYPES OF RESOURCES (not all inclusive)

HOME EQUITY RESOURCE TYPE DESCRIPTION

HOME EQUITY

1. Personal Property

2. Conditional Exclusion

Individuals whose equity interest in their home exceeds $713,000 are ineligible for long-term care and HCBW services, unless:

– The individual’s spouse, dependent child under age 21, or blind/disabled child resides in the home; or – Equity is reduced below $636,000 due to a home equity loan or reverse mortgage.

Effective with applications filed on or after January 1, 2006.

The value is the current market price of the home, or the amount for which it can reasonably be expected to sell on the open market.

An encumbrance is a legally binding debt against the resource, like a mortgage, reverse mortgage, home equity loan, or other debt secured by the home. Refer to F-415.2 for potential transfer of assets.

Verification: (not all inclusive)

– Written statement from county assessor’s office – Tax lists – Copy of mortgage papers/escrow documents – Copy of deed – Real estate appraisal