What's best..?????

laudo

My mother, in her 70's, lives alone and owns her home outright.

She wishes to 'release' some equity for a few improvements. The house will be 'left' to three of us equally. (Assuming no care issues etc).

Now what's the best way to go about this? We don't want to go along the route of releasing equity companies where they get there money back & more on her passing?

pmlindyloo

laudo wrote: »

My mother, in her 70's, lives alone and owns her home outright.

She wishes to 'release' some equity for a few improvements. The house will be 'left' to three of us equally. (Assuming no care issues etc).

Now what's the best way to go about this? We don't want to go along the route of releasing equity companies where they get there money back & more on her passing?

How much money are we talking about?

If you don't want to go down the equity release then you have few options.

The only other way I can think of is if one of you loan her the money. You would be sensible to get the loan done as part of a legal agreement which should include the repayment plan and what happens if mum needs to go into a care home etc etc (just in case)

Hoploz

Best option is to downsize if possible. My mum bought a brand new ground floor flat with everything new so no worries with stairs, boiler, guttering, garden etc, it's all taken care of and she is really happy