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Aged, Blind and Disabled Policy Manual Number: 110.060 Section: Financial Eligibility Requirements Chapter: ABD Inaccessible Resources August 01, 2024 TennCare 6 individual must agree to a conditional assistance period (see ABD Conditional Assistance policy chapter). If the conditional assistance period expires without a sale, the property can be considered inaccessible. However, attempts to sell the property must continue. b. Defined Terms Offered for sale - means listing the property with a licensed real estate agent, advertising the property for sale using at least two alternate methods such as a sign on the property (real or personal) and a newspaper ad in a newspaper that serves the area where the property is located, or placing the property on auction. Reasonable asking price - means a price that is not inflated, i.e., not in excess of 100% of the real value. Legitimate offer - means one that is at least equal to the reasonable asking price, does not require the individual to extend credit, and does not result in a net loss to the individual. No reasonable offer to buy may be refused by the individual or his/her authorized representative. Mortgage or Promissory Note - A reasonable effort to sell a mortgage or Promissory note exists when all the following conditions are met: • The individual has made an effort to offer the instrument to a bank or other financial institution; AND • The best offer he received is more than 10% below the actual value of the remaining principal; AND • The individual presents written verification from the representative of at least two financial institutions that the mortgage or note could only be sold if discounted by more than 10%. c. Policy Implementation-At Application i. Initial Exclusion-Conditional Assistance Once property is exempt under the provisions of this policy, it must remain on the market at a reasonable asking price until it is sold OR the individual is no longer eligible for and a recipient of TennCare Medicaid benefits. ii. Mortgage or Promissory Note Before excluding the value of a mortgage or promissory note, entered into on or after February 8, 2006, the repayment terms must be actuarially sound. The actuarial standards to be applied are those determined by the Office of the Chief Actuary of the Social Security Administration (SSA, the table called the Period Life Table can be found on Sosa’s Actuarial Publications Standard Table and can be assessed at (http//:www.ssa.gov/OACT/STATS/table4c6.html). The agreement must provide for payments to be made in equal amounts during the term of the loan and with no deferral or