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Best option(s) for short term loan to fund nursing home fees
worldtraveller
Posts: 14,013 Forumite
in Loans
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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Why won't it be possible to sell the house in time?
Has he/his POA considered sale by auction?
Whilst the house may sell for slightly less this would likely still be a cheaper option that borrowing money against the property in this situation.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
worldtraveller wrote: »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.
Talk to the council about deferred payments. They will pay the nursing home while the house is up for sale and then take their money when the house is sold.
https://www.which.co.uk/money/retirement/guides/choosing-a-care-home/paying-for-yourself/0 -
just what I was going to say. They did this for my Great AuntI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0
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