Retirement housing options?

pumas

Your mum should be able to get a pension forecast, then she'd be better able to judge her options.

TBagpuss

Equity release is one option - she would get a mortgage to enable her to buy a bungalow, the loan (and interest) is rolled up and paid from the sale of the house when she dies or if she needs to go into care. The younger she is, the less she will be able to borrow. 


Another possibility is to look at her current house, and what she would need to be able to stay there - for instance, whether a stair lift could be fitted, whether the bathroom is (or could be made) accessible, whether she wants to remain there.

She could look at warden controlled / sheltered housing and retirement flats - the downsides are that they can be harder to sell when the time comes, and there are often ongoing service charges, but on the plus side the initial purchase price is often lower than for similar properties which are not age-restricted, and they will typically be accessible and often mean that there is a community that she can became part if. That said, don't assume that just because a property is marketed as age-restricted it is automatically suitable - now all will have lifts or other access.

Where does she want to live? she may be able to look at slightly different areas to where she currently lives, if prices are lower.

Are you in a position to help her out? If so, you might be able to lend her the money to bridge the gap - this loan could be secured by way of a charge over the house (which would ensure that you didn't lose it if she has to go into care at a later date) and it would be open to the two of you to agree either that you would have it back (perhaps as a percentage of the house value) when she sold or on her death, or that she would repay it over time at a level she could afford, with a bit more flexibility than if she took out a normal mortgage.

Has she had her valued to see what the shortfall is between what it would be worth, and what she would need to buy a ground floor flat or a bungalow? 

Has she looked at what her pension (the work related one) is worth? She is likely able to take a lump sum from it when she retires and even if the total pension is quite small, this may help. 

thegreenone

Please be very careful re retirement villages.  A friend was left a flat in one by his uncle.  18 months later the flat is still unsold and my friend is paying the £400 per month service fees.

On a brighter note - another friend lives in an over-60s HA block and loves it.  As your Mum is still quite young, this sounds a good option.

Edited:  If your Mum bought six years ago, do you know what her house is worth now?

Procrastination

Thanks for all taking the time to reply I'll try and answer most of the questions. 

- I was slightly weary of shared ownership after reading many threads of here about it so I think we'll try and avoid that.
- I did look on the council website at a handful of housing associations that have sheltered housing but none of them had any properties in our area, maybe more digging is needed on this.
- I did widen the search on rightmove to +10 miles but I didn't want her too far away from family when she will most likely need our care, neither myself or the sister that lives closest to me can drive
- In regards to the stairlift I just assumed it wouldn't be feasible, haven't had anyone out to check, another issue is there is 3 steep steps to gain entry to the property at the front and more steps at the rear, her nextdoor neighbour (70's) really struggles with these so I can almost see what is coming. At the moment its just 'old age' as she calls it mixed in with some joint problems, arthritis, tendonitis etc not sure if this warrants an OT assessment as she still goes to work and is independent. 
- We haven't had the house valued, five houses have sold in her street since she purchased, all went between 70-80k so I don't think she will stand to make much on it if anything. 
- I'm definitely going to look into equity release I've heard of it before but didn't know what it entailed.
- How would I go about getting a pension forecast? I've got her signed up to the government gateway to check she had paid in enough years to get the full state pension.
- Unfortunately I am not in a financial position to help out.

elsien

State pension, here.
https://www.gov.uk/check-state-pension

Work or any other pensions, she should get an annual statement if it’s a defined contribution pension. If she’s on a final salary scheme, then she’ll have paperwork telling her how it will be worked out. 

goldfinches

"At the moment its just 'old age' as she calls it mixed in with some joint problems, arthritis, tendonitis etc not sure if this warrants an OT assessment as she still goes to work and is independent. "

I am just a few years younger than your mother and from what you say we have similar conditions.

You and your mother may need to consider her health now and what she can do to improve it over the next few years.
I would strongly suggest that your mother considers looking at the NHS website as well as the Versus Arthritis site and asks her GP about physiotherapy courses for people living with pain and that she takes a good look at people her age that she sees in her local area. 
Put bluntly, there is an active, vigorous retirement which is enjoyable in the main or you can have a physically miserable one which is a great trial and what she does now will determine which one she gets. 
It is a mental challenge to accept that you have a chronic illness and that you will never be pain free again.

I have found that making some quite small changes early on to minimise the strain on painful joints both within my own body by following physiotherapist prescribed stretches and around my home e.g. lever tap handles has made a big difference to my pain levels and the sooner you do these things the less accumulated damage there is to affected joints which means they don't deteriorate as fast as they might have done.

So, I suppose, what I'm suggesting is that you help your mother to learn to manage and minimise her conditions so that she can make the most of the next twenty years and then go from there.

Megaross

Is adapting her current house not an option?

Stairlifts are very good nowadays and they can be fitted to all kinds of staircase. There are also perch style ones which make the transition easier - imagine a saddle style chair that lower slightly on to. It may be worth speaking to Stannah or the like about suitability.

There may also be the option to get a downstairs bathroom fitted if the house is suitable.

eddddy

This thread is 8 months old.

I'm not sure why a new user decided to dredge up an old thread to make a rather unusual comment.

sheramber

There will probably be several more such posts to increase post count.

Murphybear

luvchocolate said:

I live in a housing association flat for over 55s.
Not sheltered but in a lovely courtyard setting of 12 flats. 
Very reasonable rent. 
Check out the ones in your area for ideas 

We live in a HA complex for over 55s.  There is a court manager Mon - Fri who keeps an eye on everything and repairs get done very quickly.  There is a massive communal lounge with its own kitchen and we have lots of get togethers.  We are having a party over the Jubilee weekend, it’s all go here 

The ages range from early 60s to 93.  The 93 year old is very sprightly.