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Best options for "loan" against house sale for someone in long term care
worldtraveller
Posts: 14,013 Forumite
Hi guys, I would appreciate any help please on behalf of one of my relatives, who has just gone into a nursing home for long term care and is self-funding.
He is 80 years of age and owns a house, which is currently on sale, but it may not be possible to sell the house before all of his liquid assets (savings, shares, etc.) run out on the (high!) nursing home fees.
I would imagine that equity release is not really an option, since the house is already on the market. Renting would not provide sufficient funds to cover the nursing home fees.
Can anyone suggest the best (cheapest!) way to obtain short/medium term funds (maximum, say, 12 months) against the value of the house. The required funds would be approx. 20-25% of the house value and the house is owned outright.
Thanks for any help!
He is 80 years of age and owns a house, which is currently on sale, but it may not be possible to sell the house before all of his liquid assets (savings, shares, etc.) run out on the (high!) nursing home fees.
I would imagine that equity release is not really an option, since the house is already on the market. Renting would not provide sufficient funds to cover the nursing home fees.
Can anyone suggest the best (cheapest!) way to obtain short/medium term funds (maximum, say, 12 months) against the value of the house. The required funds would be approx. 20-25% of the house value and the house is owned outright.
Thanks for any help!
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
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Comments
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It might be worth looking at the Age Concern website to see whether they've got any content on this. I have at the back of my mind the possibility of a charge being placed on the house, to be repaid when the house is sold, but have absolutely no idea whether this would be a) possible or b) suitable for your situation. You'd need to take advice.0
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