Home owner (no mortgage) but low income

Montauk

I am a mortgage free home owner with small savings. I'm concerned if I lose my husband can I stay in my home if my income is very low? Increasingly concerned.

Apodemus

Welcome to the forum, there are plenty of people on here who can give you good advice and hopefully help you manage your concerns.

When you say “if I lose my husband”, it's not clear whether your fear is that he dies or that you become estranged in some way and the answer to your question would be very different in these two scenarios.

Montauk

No if I lose him due to ill health. It was my grandparents and my parents home and has been ours for 20 years. Worth around 250K. How would I manage to stay there?

Alexland

Can you tell us more about yourself, your husband and any potential pensions or savings that might exist? Do you know what his will says or if he has any expression of wish with his pension provider(s)?

Montauk

Foolishly I have no mortgage but have worked part time most of my post kids. My husband works for a university with basic pension. Our will is simple - everything to each other. His salary all goes on the house (council tax, insurance, utilities). At the end of the month no disposable income. So if I lost him my savings would allow.for 2 to 3 years. Would I get some assistance? I'm desperate not to lose my home

Montauk

Sorry meant no pension! We paid off mortgage 5 yrs ago

jimjames

If you have no mortgage what reason makes you think you couldn't stay there? Where would you live if you didn't stay?

Montauk

How could I afford to pay all the basic bills?

bostonerimus

Do you have any life insurance? When the death of someone would put their dependents in financial difficulty the solution is to buy life insurance

System

Montauk wrote: »

How could I afford to pay all the basic bills?

What is your age? Over the age of retirement you'd get the state pension plus pension credit which would give you roughly £150 a week and you'd get council tax benefit too. If he had a pension you may be entitled to some/all of that and if he had life insurance that would pay out too.

Below state pension age and its jobseekers allowance of £75 a week plus council tax benefit. Basically to maintain your lifestyle, unless he had life insurance that would pay out then you'd have to go find a job.

For a single person with no debt and no mortgage or rent to pay it is possible to live on £200-£250 a month.

I suggest very strongly that you approach him about this and say that because you have no idea how the household finances work you are worried about this eventuality and ask that he goes through everything with you and involves you more in spending/planning decisions in the future.

Montauk

No we don't.