Future Planning

getmore4less

RAS wrote: »

If you agree to cover the mortgage, then you need to become tenants in common to cover your portion of the equity in the house; mum then wills the rest as she wishes.

You cannot do that without a lender agreeing and it will be a new joint mortgage term may be an issue.

Savvy_Sue

Locana wrote: »

Mum can afford to live there by herself, she earns good money. Its just that she won't be able to pay off the 140,000 in three years. She only needs someone to live with her due to her not being able to stay by herself since Dad died.

And how long is that going to go on for? In what sense is she 'unable' to stay by herself? She's 62, and still working atm. You don't want to give up your independence and move in with her, and let's face it, she might live another 40 years!

So, I'm just wondering if you need to approach this in a different way. The house needs to be sold in the next couple of years. Would Mum be better in a property she hadn't lived in with Dad? Focus on what would be affordable if she did that, focus on getting her help if she just can't face the thought of being alone - Cruse or GP, for example.

Locana

Thanks Savvy Sue,

My mum has always been like that, not since my dad died. If he went away then one of us would have to stay with her. I think she has a fear of intruders or something. Its just at night. We tried to address this when dad passed but she just couldn't do. We would find that she would ask her sister to stay over or something. We fitted an alarm which made her feel a little better, but in her mind someone still may enter the house.

She's been like that since she was a kid according to her family..

Thanks
Lo

Savvy_Sue

Locana wrote: »

My mum has always been like that, not since my dad died. If he went away then one of us would have to stay with her. I think she has a fear of intruders or something. Its just at night. We tried to address this when dad passed but she just couldn't do. We would find that she would ask her sister to stay over or something. We fitted an alarm which made her feel a little better, but in her mind someone still may enter the house.

She's been like that since she was a kid according to her family.

Right. Do you think sheltered accommodation would do the trick? Maybe she could rent before making a final decision?

It's just that the earlier she is able to make decisions, the more choice she will have. If she waits until the mortgage has to be repaid, well, who knows what choices she will feel she has!

One thing I'd suggest is making clear which choices are NOT open to her. If you are NOT prepared to move in with her - either there or anywhere else - she needs to know that! And know it emotionally as well as something you've said, IYSWIM.