Think of home equity like the amount of money you'd get if you sold your home and paid off the mortgage. It's like the difference between the market value of your home and what you still owe on it. So, if your home is worth $200,000 and you owe $100,000, your home equity would be $100,000.
Now, when it comes to New York Medicaid, the home equity limit for 2026 is $906,000. That's right, if you have more than $906,000 in home equity, you might not qualify for Medicaid benefits. It's like having too much money in the bank, which might sound weird, but it's a rule that's in place to help ensure that those who really need it can get the help they need.
But, here's the thing: this limit only applies to your primary residence. So, if you have a vacation home or rental property, that's a different story. It's like having a separate bank account for each property, and only the primary residence counts towards the home equity limit.
