Yes. We are as ready as we can be. I am recommending The Cottages as a first choice and Brighton Gardens as a second choice for the following reasons:
The Cottages is a SNF with Medicaid potential but has the look/feel of assisted living. It is near enough such that we would be able to visit at will.
Brighton Gardens is also near, but I don't recall about its Medicaid potential. If it does not have it, there are plenty around who do. We'd have to do a little more research - and I'm only talking taking a look at the facility and having a short conversation.
Private pay costs are comparable accross the board.
Next steps would be to find an open bed and engage the facility. This will take the effort of local people. No way around that.
How to pay? We can do any of the following:
- Use Mom's Home Equity Line - I believe in other posts Mary Kay has indicated that there is what seems to be a large HE line (I could be misinterpreting - this may just be an estimate on remaining equity in general)
- Take Mary Kay and Bob up on their offer to finance with additional notes on the existing mortgage
- Sell the house to pay off outstanding notes, cancel the Kelley mortgage and spend down
- Move to Medicaid bed when spend down complete
I think once we are talking about moving mom out of the home, the reverse mortgage comes off the table as this alternative is to keep invididuals IN their homes for as long as they live, which of course is the exact opposite of what we would be doing so hard to swing.
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