Releasing Equity to purchase another property

Loopgames

spenceeyftb wrote: »

I think you'd be much better off re mortgaging yourself and having your father live with you. Use the money to adapt the house for him and if possible build extensions so your not under each others feet all the time.

This is my plan in the future. No way I'd see my parents in a home.

Same goes for my wife's parents. It would be a squeeze but I'd rather live like that.

I agree with this. I've got the same view with my parents and my husband's mum. The option of care home is not one that crosses my mind.

dimbo61

What is your dad paying in rent ?
How much would the £26K cost to borrow as extra borrowing secured on your property?
My Dad is 77 and in great health
I think your Dad has to own the property for at least 5 years ( please check with the council) before he could sell or transfer to other members of the family.
be aware that if he ended up in council care the house may need to be sold and CGT may also need to be paid
Please take good legal advice

Horseygirl123

Loopgames wrote: »

Why does everyone think old people will always end up in care homes. Doesn't anyone plan on looking after their parents anymore?:(

I was just thinking this. Maybe all the old folk I've ever known have been lucky as they have all died at home. Grandparents were in their 90s as were the in-laws. Hope it runs in the genes.

Horseygirl123

spenceeyftb wrote: »

I think you'd be much better off re mortgaging yourself and having your father live with you. Use the money to adapt the house for him and if possible build extensions so your not under each others feet all the time.

This is my plan in the future. No way I'd see my parents in a home.

Same goes for my wife's parents. It would be a squeeze but I'd rather live like that.

I'm sending a copy of this to my kids:T

Fire_Fox

Loopgames wrote: »

Why does everyone think old people will always end up in care homes. Doesn't anyone plan on looking after their parents anymore?:(

IF is not always. Some older folks need twenty four hour care, plenty of adult children have full time jobs or no space. Both my grandmothers ended up in care homes due to physical health problems, all four of their children worked full time. One of my great aunts also did, she had dementia so could not safely be left alone. In the past women tended not to work outside the home, people had larger families and offspring often only moved to the next street so there was always a relative available.

If my parents ever need daily care I have already indicated I would move into their building because I have no children and can afford to only work part time. I'd also encourage them to take on paid help which they can comfortably afford. However my sibling is at the other end of the country and works long hours. They have space to take in one parent but it's more likely to be one of the in laws because the partner is an only child.