Equity release alternatives

downshifter98

Some harsh comments here - the Grandmother is quite possibly happy to use the 'rainy day' savings but no one wants to be left with zero savings (especially at an age when it's difficult to build them back up) thus the equity release question. Personally I think a family loan (properly documented) seems a good idea - the Grandmother has all the cards and should remind any future inheritors that it's in everyones best interest to avoid equity release.

pineapplesherbet

sonorman wrote: »

Yes it seems that the age old attitude is still with us. She's got money, but why spend it when there is a chance that the poor old taxpayer will pick up the tab instead!

I am embarassed to say that I am British!

She has around 3000 the repairs are 10000, major floor repairs (ie replacing all the floors, they were badly built and are all going through plus all fascias, soffits and guttering.

pineapplesherbet

downshifter98 wrote: »

Some harsh comments here - the Grandmother is quite possibly happy to use the 'rainy day' savings but no one wants to be left with zero savings (especially at an age when it's difficult to build them back up) thus the equity release question. Personally I think a family loan (properly documented) seems a good idea - the Grandmother has all the cards and should remind any future inheritors that it's in everyone's best interest to avoid equity release.

Thank you! very helpful advice. She will never be able to save up again that is the problem, if the roof or anything else major went she's terrified of being left with nothing for repairs.

Sometimes you come onto this site for help and there are a lot of very knowledgable and helpful people, others just seem to want to ridicule you or be controversial. Surely it's not too difficult to put your point across without being insulting.

Thanks also to Monkeyspanner and all the other helpful posters, much appreciated

missile

£10,000 seems a lot? Unfortunately there are many cowboy builders who take advantage and fleece the elderly.

Perhaps you can arrange competitive quotes on her behalf?

Perhaps she could take in a lodger?

Perhaps whoever will inherit her property could undertake the repairs to protect / improve the value of their inheritance?

pollypenny

Some councils have a scheme called Care and Repair, where older people have access to tradesmen at a reduced rate.

It's worth asking the council for advice anyway. If the floors are that bad isn't it an insurance job?

Mojisola

pineapplesherbet wrote: »

She has around 3000 the repairs are 10000, major floor repairs (ie replacing all the floors, they were badly built and are all going through plus all fascias, soffits and guttering.

If she doesn't have a pre-paid funeral plan, she's probably saving this to pay for her funeral.

Did you try the Anchor Trust? Friends of mine who are on benefits had about £5000 spent on their house - fixing a leaking roof, some new windows and floor repairs. It was all done through grants.

margaretclare

chesky369 wrote: »

The only grants I know about are those for insulation and - I think - installing central heating but that one was means-tested. The insulation one was available to those over 70 or 75. Your local Age concern office or CAB would probably know about them.

Try Warmfront. Her entitlement to Attendance Allowance gives her an entitlement to a Warmfront grant. This by-passes the means-testing.

Don't know about grants for floors, guttering etc.

As a matter of interest, which equity release scheme did she look at? Try the SHIP website: www.ship-ltd.org This website should be the first stop for anyone wanting to find out about equity release.

chesky369

Not being funny, but the original post was made in February and it seems you've only gotten around to reading the replies today - hence the 'thanks' today's dates. Just curious about this.

By 'you' I mean the OP.

oldtractor

some friends of ours lived for 40 odd years in a large but draughty victorian semi. They got a new bathroom,kitchen,windows and loft insulation done on the council [taxpayer] when they got to retirement age. one of them has an illness,this may have been a factor in eligability i dont know. So,basically they got the house modernised for free [this was a good few years ago] and were thrilled. a couple of years later they sold it ,it was worth quite a bit by then,bought a small bungalow and invested the difference. they are now sitting pretty. I sometimes wonder if they should have been made to pay back to the cuncil what the modernisation cost.

Biggles

pineapplesherbet wrote: »

replacing all the floors, they were badly built and are all going through plus all fascias, soffits and guttering.

I would echo the previous suggestion that more quotes should be sought.

All the floors are 'going through' (whatever on earth that means)? At the same time as all fascias, soffits and guttering?

Sounds like a quote from a Western gentleman with spurs. Elderly ladies (I include my late mother....) are at the mercy of them and sometimes need to rely on their family for sensible advice.