Helping Dad to retire

MWT

hamel123 said:

... it's abundantly clear that if you still have a mortgage and no proper pension at a later age - options are aweful.

The trick is not arriving at the position where the mortgage is ending but still has a large balance outstanding...

If there is anyone out there reading this who has an interest only mortgage and no idea how the balance is going to be paid, it is never too early to start trying to fix it, or even just reduce the problem to a manageable level...

strawb_shortcake

Could he sell the flat and move in with you or your brother? Or even put some of the money towards buying a bigger place with one of you? 

csgohan4

annabanana82 said:

Could he sell the flat and move in with you or your brother? Or even put some of the money towards buying a bigger place with one of you? 

Living with a parent is it's own can of worms which does not suit everyone. Moral high ground set aside, the loss of privacy, freedom while small to some is quite detrimental to others and can cause marital rifts as expectations of caring will fall onto the daughter in law. 

dimbo61

My Dad sold his home at 70 years of age and moved into sheltered housing.
Has enjoyed living in his flat for over 15 years and been on regular holidays with his money.
Maybe moving to a cheaper part of the country or by the seaside 😎

joshiesaunt

Maybe as others have said, he could look into renting a sheltered housing property if he sold his own flat.  Sometimes Councils will consider home owners as long as there is evidence the property is due to be sold.  As well as rent, there is usually a service charge.  Once his capital is spent, he’d need to make sure he could pay the service charge or HB could cover it if he’s on pension credit.