Verification

When a client owns a home and an exception to the home equity limit is not met, verify the fair market value (FMV) or estimated market value (EMV) of the client’s interest in the home at the time of request for MA-LTC, at the annual renewal and when a home equity exception ends.

You may use the county assessor’s website to verify the EMV. Request proof of the FMV or EMV from the client when the information is not available online, or when the client refutes the EMV listed on the assessor’s website. A statement of the home’s FMV may be obtained from a licensed real estate appraiser and used as verification of the homes FMV.

If the EMV or FMV is:

Less than the Home Equity Limit, no further information is needed.

Example:
Erin is requesting MA-LTC to receive services through the BI waiver. She owns the home in which she lives. The worker looks up the EMV on the county website and finds that it is $389,000.

Action:
Conclude that Erin meets the home equity limit requirement because the EMV is below the Home Equity Limit found in Appendix F. No further information is needed.

Over the Home Equity Limit, request verification of the client’s encumbrances in the home. Subtract the encumbrance value from the FMV or EMV to determine the client’s equity value.

Example:
Hannah owns the home she resided in before she was admitted to an LTCF on October 1. She requested MA-LTC the same month. The EMV on the County Assessor's website is listed at $800,000. She verifies that she still owes $100,000 on her home.

Action:
Conclude that Hannah is ineligible for MA-LTC because her home equity ($700,000) is more than the limit found in Appendix F. Deny MA-LTC eligibility. Hannah may be eligible for basic MA if all eligibility requirements are met.

Appendix F

Page 5

Home Equity Limit

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