Releasing Equity

missile

It is nice that you can depend on your daughter, but I hope you have considered the possibility that she may want or have to move? One never knows what is ahead and it is best to have a little cash in reserve but Equity Release may limit your options if you want to move again.

EdInvestor

Does your hubby have any pensions he can activate now so as to replenish your savings with the tax free cash?

It's often not necessary (nor sensible) to wait until "official" retirement age to take benefits from pensions, especially under the new rules, which are more flexible and designed to help with exactly this kind of unexpected problem.

margaretclare

Hi Cindy

Ed's suggestion is good, otherwise, all I can think of is don't aim to do everything at once! Upgrading/modernising this 1932 2-bed semi bungalow in Essex has taken years. Literally, years. But it's finished now (apart from levelling and re-doing the front drive) and shouldn't need much apart from maintenance.

You need to look at it objectively, room by room, with a big note-pad. What needs doing urgently, what can you live with for a while, what will you want to make life more comfortable and easy-care as you get older? A shower, rather than a bath, is one suggestion I would strongly urge.

If you break it down into sections like this, it becomes 'do-able' and doesn't look like such a daunting prospect. For the last few years we've had a 'project' for each year. In 2005, before I went for hip revision surgery, we did the bedroom completely and that included redecoration, re-plastering including moving the silly ceiling light from in front of the window to centrally, new carpet, new bed (king-size so that meant king-size sheets!) I wanted it done before the surgery. In 2006 it was the replacement of old asbestos roof with a modern roof. January this year it was the new gas boiler courtesy of WarmFront - and that's another thing. If your arthritis may entitle you to DLA better get it before you're 65, because DLA is better than AA.

Just a few thoughts.

Margaret

springs65

Hi Ed & Margaret
Many thanks for suggestions. Husband has 2 small pensions that we get now and another that is frozen, we have looked into claiming this but they won't release it until he reaches 65. Most of the work is now done in the bungalow Margaret just bits and pieces to sort and to start outside yet. Our daughter and son in law have been a God send they have helped quite a lot with the work, but we have had to have someone in to do some of it. We did make sure before we moved here that they had no plans on moving on. They are quite happy here, it is a lovely place to live, their jobs and grandchildrens education will keep them here. We had to pay for new heating system and wall cavity as we are not on any benitifs, we did check this out with warm front before. You mentioned DLA Margaret, I applied Jan 2006 and was refused, I applied again in Feb this year as I had got much worse and am not able to walk very far without severe discomfort, again I was refused so have now asked them to look at it again and had letter to say this could take up to 13 weeks so still waiting and keeping fingers crossed. if that fails we will appeal (daughter been a big help with this)

Regards
Cindy

Savvy_Sue

However helpful your daughter is being, it really does seem to be worth getting skilled help with a DLA application. Welfare Rights advisers are recommended on the Benefits Board, I believe! If your daughter has experience in this area, then great, but if not it really is worth getting outside help.