Any Ideas to help my Parents have a more comfortable Life?

taggiesgirl

HI

Just wondered really if anyone had any ideas/ suggestions?

My mum and dad live in an ex council house they brought it a long time ago, now they are in there 70's and finding this very difficult to manage and cope with the garden and most importantly the stairs.

They would love to move to a bungalow but if/when they sell their house they will not get enough money so will probably be £30,000 short.
here are some ideas of mine and my parents what do you think??

1/ to do this they have discussed getting a 'third party' involved one of these companies that then takes the money from the property when they have died has anyone had any experience of these companies
2/ I have thought about ralling the family around (i have 2 brothers and 1 sister) and us all chipping in the money they need but then, I have a big mortage £200,000:eek: and i dont work so the money would not be coming from me it would be coming from my hubby then if we got divorced could he then make claim to my parents house:rolleyes:
None of us are really in the situation to be able to do this.
3/my dad getting a mortgage but then he is 73? would they do this?
4/My hubby and i buying them a property them paying us rent to cover the morgage and them banking the money from the sell house,but then we run into difficulties with other siblings /if me my hubby split as he would be putting up money!!

I have offered to buy them a stair lift but they didnt like the idea, also i have offered to find out about putting toilet in downstairs for them.
I have told them that i am not interested in having money when they die and to look after themselves now, as i would rather have them around for longer.

I really dont know what to do how to help, it breaks my heart as my dad has worked all his life, for what hes got and yet cant have a comfortable life in the future.
It breaks my dads heart because if they go down the 3rd party route then that would mean us 4 kids wouldnt get a penny when they go which is why he worked every job he could find so that we would always be looked after.

Anyway any help would really help any advise??? thanks

Ms_Chocaholic

Do the LA have any sheltered housing near to where your parents lives. In our area, they have some lovely two bedroomed bungalows for elderly people and, although your parents would have to pay rent, they would have the proceeds of the sale of the house (once it's sold).

Fleago

Hi taggiesgirl,

It's very difficult to know what to do for the best, isn't it. My parents recently sold up and moved to a flat so that they could manage more easily than in their house and also to free up some equity to enjoy. Have your parents thought about a nice ground floor flat, rather than a bungalow?

They looked into companies such as you mention, but decided that it wasn't a route they wanted to go down, saying that they thought it all seemed a bit of a rip off with the company benefitting from the arrangement far more than they would.

One thing they considered, but didn't act on, was applying to the local authority for sheltered housing. Apparently people can do this even if they've got a property to sell, although, of course, they would have to pay the going rent on the sheltered housing. Is this something your parents could look into?


Good luck!

Fleago

Fleago

Ms_Chocaholic wrote: »

Do the LA have any sheltered housing near to where your parents lives. In our area, they have some lovely two bedroomed bungalows for elderly people and, although your parents would have to pay rent, they would have the proceeds of the sale of the house (once it's sold).

Oops, I was typing as you were posting Ms Chocaholic!

Errata

Picking up on previous posts. Check if your parents council has a page on its website listing all its vacant properties, bungalows and flats for older people will be on it and you'll be able to see what they look like and what areas they're in.

poe.tuesday

my mum has a morgage for about £30,000 (she is in her 70's too), she pays an affordable monthly amount - something like £100 per month, this money does not pay off any dept, when she dies and the property is sold, the morgage company will have their £30,000 back, this was the cheapest way for her to be able to get the cash she needed to be able to buy her house and when she dies, she doesn't need the money so it's best to pay it when she dies rather than struggling to pay off a normal morgage whilst she is alive

it has work really well for her, she can afford the month payments and that's all that really matters

ailuro2

There was a flat on our property website just this week that was buying a share in serviced accomodation- they would own a percentage and pay rent on the remainder of the cost. An age limit was in place so only the elderly could purchase the property.

As your local EA or perhaps council, health care providers, if there is anything similar for them in your area?

Oldernotwiser

Several companies offer interest only loans based on pension income, which as an earlier poster said wouldn't cost a lot more than £100 per month. Your family could then split this payment between them which wouldn't cost anybody much and would be a good investment for you all. We did something similar with my parents and it's much simpler than home reversion schemes and the like.

misswig

taggiesgirl wrote: »

HI

Just wondered really if anyone had any ideas/ suggestions?

My mum and dad live in an ex council house they brought it a long time ago, now they are in there 70's and finding this very difficult to manage and cope with the garden and most importantly the stairs.

They would love to move to a bungalow but if/when they sell their house they will not get enough money so will probably be £30,000 short.
here are some ideas of mine and my parents what do you think??

1/ to do this they have discussed getting a 'third party' involved one of these companies that then takes the money from the property when they have died has anyone had any experience of these companies
2/ I have thought about ralling the family around (i have 2 brothers and 1 sister) and us all chipping in the money they need but then, I have a big mortage £200,000:eek: and i dont work so the money would not be coming from me it would be coming from my hubby then if we got divorced could he then make claim to my parents house:rolleyes:
None of us are really in the situation to be able to do this.
3/my dad getting a mortgage but then he is 73? would they do this?
4/My hubby and i buying them a property them paying us rent to cover the morgage and them banking the money from the sell house,but then we run into difficulties with other siblings /if me my hubby split as he would be putting up money!!

I have offered to buy them a stair lift but they didnt like the idea, also i have offered to find out about putting toilet in downstairs for them.
I have told them that i am not interested in having money when they die and to look after themselves now, as i would rather have them around for longer.

I really dont know what to do how to help, it breaks my heart as my dad has worked all his life, for what hes got and yet cant have a comfortable life in the future.
It breaks my dads heart because if they go down the 3rd party route then that would mean us 4 kids wouldnt get a penny when they go which is why he worked every job he could find so that we would always be looked after.

Anyway any help would really help any advise??? thanks

Would your local social services be able to help at all?? My Grandparents (who are in their 80's and really good for their age contacted them to ask for a grab rail in the shower and not only did they come and do it, they assessed any other assistance they required in the house for free!!!

pusscat

The easiest solution all round seems to be the stair lift idea- I would try and get to the bottom of why they don't like the idea of a stairlift - maybe they have visions of being thrown off it or something?

Maybe a trip to somewhere where they can try one out would help?

Just a thought

Puss

xx