Renting his home to pay care home fees

grazzzz

Errata wrote: »

When you have POA you are required by law to act in the best interests of the donor, which may be at odds with the interets of those who hope to inherit when the donor dies. That means you should thoroughly explore all the options for funding their care, and take legal advice if necessary.

An income to secure the care home fees is surely better than using the capital .he may have another 15 to 20 years in a care home of which the capital will be used up at least renting will safe guard this yes it has its pitfalls however the family members are builders and plumbers so maintenance of the property isn't an issue with the right tenants is I think the option they will choose

Fraise

Tancred wrote: »

There are ways of ensuring a guaranteed rent through various schemes that agents offer. It means letting the agent manage the property and take a cut but it gives peace of mind.

My ex neighbour has done this, and his son is renting out the house to pay the care home fees. Luckily, tenants were queuing up to rent, but his house is in Greater London where properties rent/sell very quickly.

You can also rent the house out long term at a 5 year stretch, and then just renew each 5 years if you still want to through the local council, or housing associations/charities. The rent is guaranteed whether they rent it out on your behalf or not, and at the end of the tenancy they redecorate the whole property and make everything good - so that's a very good option. Plus at the end of it all you have an asset worth hundreds of thousands. It's a no-brainer really