63 and Desperate

Julian1955

Dear Experts,
I am desperate. 5 years ago my lovely wife Kathy was diagnosed with Breast Cancer. She had a very invasive form of Cancer. She had a mastectomy, chemo and radio therapy. She gave up work as a Registered Nurse. We had to sell our house. In November 2017 her GP noticed some dark areas on a scan on her spine and Pelvis. She was diagnosed with Terminal Breast Cancer of the bones and was given 6 to 12 months to live. Thankfully she is still with us, but sleeps most of the day.

When we sold our house, I had 5 second charges, due to County Court Cases from 15 years ago. So we had to use most of the equity to pay them off.

All I have left is a small annuity of £3,000 per year and work part time ( 25 hours a week) as a Chef.

Soon my wife will die and I will no longer be able to afford the £800 per month rent in Hastings for our house, as I will lose her PIPs benefits.

Although I will be able to afford a Studio or 1 bedroomed flat, as long as I continue to work. I am concerned that my arthritis will eventually stop me working. I was hoping to buy a cheap property in Bulgaria but Brexit has put a large question mark over that. Also I am very concerned about moving away from the area because I have 3 adult boys and they will initially need my support.

Unfortunately none of my children are in a position to house me, even in a shed.

I have never been very good with financial decisions and need some guidance on how I can carry on and keep a roof over my head. Can I get a mortgage at 63?, should I move abroad. I have no savings but hope to save a deposit for a flat.

Julian1955

My credit rating is now good with no County Court Judgements. My main concern is that rents are going through the roof in our area and if I can no longer work after pension age, I will be homeless.

ACG

First question, I dont suppose your wife had critical illness insurance either through work or privately did you? Even if the policy has now been cancelled, if it was live when diagnosed it might be worth putting in a claim.

You may want to start taking a look at what support you will be entitled to from the government when the time comes.

On a £3k a year plus state pension I am not sure you will get much of a mortgage here or abroad. General rule of thumb is 4.5x income but on a low income that would usually be less as more of your money is taken up on the basics (food, heating etc).

It might also be worth looking at what support is available for when your wife does pass. My granddad passed away in January and it was not cheap.

jacsll55

Hi Julian,
I feel sorry for you. Working as a Nurse didn't your wife have any insurance cover, like loss of Income or life insurance protection?

Silvertabby

I'm so sorry, for both of you. Does your wife have any NHS pension benefits? If yes, is she drawing them now?

ACG

jacsll55 wrote: »

Hi Julian,
I feel sorry for you. Working as a Nurse didn't your wife have any insurance cover, like loss of Income or life insurance protection?

6 months full, 6 months half is standard for the NHS. The amount of people we speak to who think that is enough is ridiculous. If you try pushing too hard, you come across as a dodgy insurance sales man but the reality is this type of situation - rare, but awful if it happens.

Silvertabby

ACG wrote: »

6 months full, 6 months half is standard for the NHS. The amount of people we speak to who think that is enough is ridiculous. If you try pushing too hard, you come across as a dodgy insurance sales man but the reality is this type of situation - rare, but awful if it happens.

That's salary, not pension. If OP's wife is/was in the NHS pension scheme then she could be looking at ill health retirement, spouses benefits, etc.

Mortgage_Adviser

OP, has your wife has/had any death in service benefir which may pay out a lump sum when the time comes?

MovingForwards

I'm sorry to hear about your wife, it will be a very difficult time for you both.

I can't offer much more advice than has been suggested above.

Get in touch with the local council and housing authority as they have properties for over 55's, get on their waiting lists and hopefully you can get rehoused.

ACG

Silvertabby wrote: »

That's salary, not pension. If OP's wife is/was in the NHS pension scheme then she could be looking at ill health retirement, spouses benefits, etc.

Fair point, but I was answering a different question. I think our answers overlapped. But you do raise a good point.

Jox

I'm very sorry you are having this hard time and I hope your wife is as comfortable as can be.

You have 3 children, I hope they can help you in whatever small way they can.