releasing equity in property to pay for mothers care team

marc3

Not sure what forum to post this on.

elderly mother who owns own home.
has reasonable savings but at 88 needs quite expensive elderly care which has been going on for some time.

Care has/is been in home as opposed to in a care home.

Mother is reluctant to go into a care home and wants to stay in own home.
those in the know will realise that is not a cheap option-and has seriously eaten into her savings.
A bit left-but savings run out in six months.

does own her own home-which is where remaining funds sit.
she wants to stay in own home.

i can do loads of research on this-but not my field of expertise, and i am hoping that initially someone can point me in direction of where best to look for advice on this/and or reputable firms where someone has had a good experience of this.

I imagine-effectivley -you hand over deeds of property to another party ,who in turn -give you the funds.
in reality-no doubt not as simple and full of potential pitfalls/dangers

no doubt here are good and bad in the industry who do this.

would appreciate any guidance-and recommendations.

are there 'slow release options'available-where if mum was to pass away quickly-you/i (as executor )keep some control over the property ?

any assistance appreciated .
thanks

ratrace

marc3 wrote: »

Not sure what forum to post this on.

elderly mother who owns own home.
has reasonable savings but at 88 needs quite expensive elderly care which has been going on for some time.

Care has/is been in home as opposed to in a care home.

Mother is reluctant to go into a care home and wants to stay in own home.
those in the know will realise that is not a cheap option-and has seriously eaten into her savings.
A bit left-but savings run out in six months.

does own her own home-which is where remaining funds sit.
she wants to stay in own home.

i can do loads of research on this-but not my field of expertise, and i am hoping that initially someone can point me in direction of where best to look for advice on this/and or reputable firms where someone has had a good experience of this.

I imagine-effectivley -you hand over deeds of property to another party ,who in turn -give you the funds.
in reality-no doubt not as simple and full of potential pitfalls/dangers

no doubt here are good and bad in the industry who do this.

would appreciate any guidance-and recommendations.

are there 'slow release options'available-where if mum was to pass away quickly-you/i (as executor )keep some control over the property ?

any assistance appreciated .
thanks

Hi didnt want to read and run

Your mother has worked very hard for her house and properly just wants to spend her days where she feels safe and secure, if she wants to live in it then that's her choice, I can appreciate that it can be expensive due to the help she is getting

I cant make it out from you post if you are her son or daughter, is there any one that can help take care of her that will save on a lot of the cost

Another option is can she move in with any of her children and rent her current house out and the child that's going to be taking care of her could also apply for cares allowance hopefully all that combined will be enough to cover her care costs

We all have to remember, getting old is inevitable

xylophone

http://www.equityreleasecouncil.com/home/

Is your mother entitled to Attendance Allowance? Has she had an assessment from social services?

Is she entitled to pension credit?

http://www.ageuk.org.uk/home-and-care/living-your-way/tips-to-stay-independent-in-your-home/

freeisgood

We are in this situation too, basically, mother is so demanding, no home will take her due to her aggressive nature. So she is in the home she loves, but we have three carers working in shifts, we have worked out that we can sustain this for a few months till her funds run out.
(Xylophone: attendance allowance is about 60 pounds per week, most care in your own home is around 900 per week.) We don't want her to move out of her home
...so we are in the same dilema, I think equity release etc tends to be a con. ..I think they take a good chunk of the value of the house leaving not much left for the person to use. We may have no choice though. We want mum to remain in her house for the rest of her days.

freeisgood

Ratrace, carers allowance is just a few pounds a week. And it always amuses me when people suggest that the person in question moves in with a daughter/son, and that daughter/son becomes the full time carer. Like they don't have any life job kids etc. It really isn't as simple as that.

pineapple

OP I can recommend CareAware for the free advice they gave me re my father's finances. http://www.careaware.co.uk/
They were brilliant. It's worth a try.

pineapple

ratrace wrote: »

Another option is can she move in with any of her children and rent her current house out and the child that's going to be taking care of her could also apply for cares allowance hopefully all that combined will be enough to cover her care costs

With my parents we also looked at them selling and putting some of the cash towards a granny flat in our home.

ratrace

pineapple wrote: »

With my parents we also looked at them selling and putting some of the cash towards a granny flat in our home.

Yeah i agree i think we are both old fashioned in that sense

If people have the room then that's a great idea that way mum/dad can still have their own independence and wont feel like they are a burden (thats how some old folk feel, sad really)

I can understand that people have lives of their own to lead, but the deal is parents look after the kids when they are young, then kids look after parents when they old and the cycle goes on to the next generation.

Me personally i dislike care homes, ive witnessed how care homes run and how the old folk are neglected while the staff discuss current (soaps)

each to their own i suppose

(No one wants to take the responsibility of providing care for them but come inheritance time we see a line)

G_M

freeisgood wrote: »

We are in this situation too, basically, mother is so demanding, no home will take her due to her aggressive nature..

You need a specialist dementia unit. Get advice from:

* Social Services, or

* http://www.carehomeselection.co.uk/

* http://www.cqc.org.uk/search/services/care-homes

* Age Concerm; http://www.dementiauk.org/ ; http://www.alzheimers.org.uk/ etc

G_M

Claims for Attendance Allowance, Carers Allowance etc will only scratch the surface.

Social Services is an obvious port of call though I expect you've been there and been told she's ineligible (means tested - house puts her over the threshold).

NHS Continuing Care is the obvious alternative - but very hard to get. Requires her care to be medically needed as opposed to 'social care' and the criteria is high. But you can demand an assessment - by SS, or her GP.

NHS Nursing Care I think only applies in a care home.

Sorry - we managed to avoid the equity release route so never investigated....

pineapple

CareAware were really on the ball in my case. I found talking to Social Services and DSS produced different/conflicting advice on different days.