Help : My Dad's Mortgage is ending and he's too old to remortgage

TrickyDicky101

handytips wrote: »

Equity release is another option for your Dad, at his age you would be able to raise enough on the property, given its value and he lives there for the rest of his life without a mortgage payment. Interest is compound at approx 6.5% this option seems ideal given the circumstances. Otherwise ask your dad to sell you the property as a consessionary purchase, however this will probably have to be on a repayment basis.

Why the heck would the OP look at equity release if he is in a position to lend his/her father the money? That would just be throwing money down the drain, given his position as sole beneficiary.

Ms_Chocaholic

dj0014 wrote: »

Thanks to grey gym sock

Essentially my dad would not move in with us - pride etc

So naturally really worried that care home will be the only option and wanted to avoid the horror of those fees

Based on the post it would certainly be less than £325k - could you explain more on the deprivation of assetts rule?

Thanks in advance

Just to say care home and sheltered housing are two completely different things, sheltered housing (in our area) is basically a self-contained flat/bungalow which you rent off the local Council. The properties are self contained but are warden controlled which means that a warden is "on call" if you want/need assistance but basically you are left to your own devices if that is how you want it to be.

Where I live sheltered housing is freely available, no waiting lists, obviously all areas are completely different.

dj0014

Team - thanks for all your updates - I am keen to explore the joining of my name on the deeds of house or simply getting a mortgage to offset the £40k assuming that entitles me to be on the deeds and protect the asset from care home fees - does anyone have further clarity on this?


Thanks in advance