Veterans and Spouses: Aid & Attendance Pension Benefit, part 4

In Part 4 of this series, we continue to identify and dismiss many of the myths and misconceptions concerning the Aid & Attendance pension benefit, the application process, and the subsequent proper use of benefit funds.

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Myth # 7: I own my home. I have lived here for 35 + years. Won’t this disqualify me?

Answer: Quite the contrary. The Aid & Attendance pension was put in place to help seniors remain in their homes, and provide them financial assistance to do so. The benefit was established back in the 1950’s…back when there were no assisted living facilities, nor nursing homes, available to help people as they naturally aged. People remained in their own homes as they grew older. As we all know, a bi-product of aging is a deterioration of some skill and functionality, and the Veterans Administration provides some funds to pay for services to “aid and attend to” eligible recipients.

Myth # 8: I have no outstanding mortgage on my home, which is my primary residence. Does this eliminate my eligibility?

Answer: No, not at all. Whether you currently carry a mortgage on your residence, or are debt free, has no effect on eligibility. Your home is not counted in defining your assets. Now, if you own more than one home, this may disqualify you. But if you are like many seniors, and you live in one home (whether you own, or rent), you may be eligible to receive some financial help to stay there.

Myth # 9: I have taken out a reverse mortgage on my home, and am using it for monthly cash flow. Am I still eligible for Aid & Attendance?

Answer: Yes, for two reasons. Number 1) the reverse mortgage is actually a loan, so even though you may be using it to provide funds for your daily living, it is not considered or counted as income. And Number 2), your home is not counted as an asset – so the fact that you are using it to generate spending money is your decision, and your business. But it does not effect eligibility for Aid & Attendance.

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