Re-Mortage as an alternative to Equity Release

dimbo61

Your dad is better off selling his home and moving into over 55,s apartments
He could afford to either buy, part buy/part rent or fully rent a nice one/two bedroom apartment.
Enjoy some nice holidays and spend some money on kids/grandchildren.
Just show him some of the new places being built in the area.
New place near me with cafe, fitness centre,shop, library and staff on 24/7

toocan

dimbo61 wrote: »

Your dad is better off selling his home and moving into over 55,s apartments
He could afford to either buy, part buy/part rent or fully rent a nice one/two bedroom apartment.
Enjoy some nice holidays and spend some money on kids/grandchildren.
Just show him some of the new places being built in the area.
New place near me with cafe, fitness centre,shop, library and staff on 24/7

Its the pride issue of not wanting to leave his own home might make it a difficult sell

gizmo111

VIGILANT22 wrote: »

Do you mean you took ownership?!

Yes, but also I took the risk on rates etc and the possibility that my father may have lived for many years only being able to afford to pay me at the same level as at the time we made agreement. Also he had no money for major repairs etc so all the was up to me. But I was happy to do it so he could have his holiday home and something to enjoy, this was shortly after my mum passed away and he was devasted and needed something to help him get through it. It was more of an emotional decision than a sound financial one, but I don't regret it.

VIGILANT22

Hmmm....This is not a decision as straightforward as people think it might seem!


http://www.ageconcern.org.uk/AgeConcern/Documents/FS40Deprivation_of_assets_in_the_means_test_for_care_home_provision.pdf