Equity Relaes or State Benefits

anon_private

If a retired person buys a flat and many years later finds that they can no longer afford to run the flat, would the best option be equity release, or state benefits.

[Deleted User]

It depends on what they are entitled to (their income) re state benefits. If service charges are a problem, can they move? What bills exactly are the problem?

Equity release can be an answer, but how good an answer depends on the scheme and how much money is needed. Obviously it will only last so long, depending on their property (how much they can raise) and their outgoings (what is required and for how long, which can only be guessed at).

Would they consider doing an SOE on the debts board? Often good advice on reducing outgoings can be obtained.

xylophone

Whether the person in question could claim any state benefits would depend on his income/capital in respect of means tested benefits and on need for assistance with the normal requirements of daily living in respect of non-means tested benefits (AA for example).