Parents can't afford their mortgage: Release equity v's Taking on the mortgage myself

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I'm looking for some advice as I don't really know where to start.
My parents are in their late 60's and still have a mortgage. They have been paying interest only for some time now with the plan being to sell up once they were both fully retired and downsize. However, due to health reasons (dementia), this is not really an option now.
They have mentioned equity release as a way of paying off the mortgage but I am wary of them being ripped off. I wondered about transferring the ownership to me and taking on the mortgage myself (probably as interest only as I couldn't afford too large a payment). The outstanding mortgage is £70k. The house is worth approx £250k.
I would see it as an investment rather than increasing my pension contributions (which I had planned to do next year) and would allow them to stay worry free in their home. At the point that neither of them were around, I could sell and pay off the remainder of the mortgage. Would there be implications if they needed to go into a nursing home? We wouldn't be transferring ownership to avoid any fees. It's so that they can remain living in their home. I know I also need to consider that they may continue to live for a long time yet and so how feasible it is for me in my mid-40's to continue to pay the mortgage for them. My own mortgage will be paid off in approx 6 years.
Has anyone else been in a similar situation or have any advice as to where to start? Speak to a solicitor who specialises in property law?
Thank you in advance.
My parents are in their late 60's and still have a mortgage. They have been paying interest only for some time now with the plan being to sell up once they were both fully retired and downsize. However, due to health reasons (dementia), this is not really an option now.
They have mentioned equity release as a way of paying off the mortgage but I am wary of them being ripped off. I wondered about transferring the ownership to me and taking on the mortgage myself (probably as interest only as I couldn't afford too large a payment). The outstanding mortgage is £70k. The house is worth approx £250k.
I would see it as an investment rather than increasing my pension contributions (which I had planned to do next year) and would allow them to stay worry free in their home. At the point that neither of them were around, I could sell and pay off the remainder of the mortgage. Would there be implications if they needed to go into a nursing home? We wouldn't be transferring ownership to avoid any fees. It's so that they can remain living in their home. I know I also need to consider that they may continue to live for a long time yet and so how feasible it is for me in my mid-40's to continue to pay the mortgage for them. My own mortgage will be paid off in approx 6 years.
Has anyone else been in a similar situation or have any advice as to where to start? Speak to a solicitor who specialises in property law?
Thank you in advance.
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Replies
You (or rather they) should talk to a specialist independent advisor who can cover the whole market. You do not generally get lifetime mortages off the shelf from the high street lenders.
You taking over the house and paying the mortgage could have major problems. The mortgage company must be able to sell the house should you stop paying. Clearly they dont want to be seen throwing an elderly couple out onto the streets.
does their mortgage run out soon? So that they or you would need to remortgage?
One option would be to leave things as they are and you pay the mortgage, possibly putting a charge on the property so you would get your money back if they needed to sell up for any reason.
ER would give them more security than your plan, which would leave them at risk of loosing their home should you run into financial difficulty, get divorced or die before them. They will never be ripped of by ER as they will never have to pay it back.
You parents welfare is far more important than any inheritance that you might receive so that needs to be the priority. Do they both have wills and LPAs in place? If not that should be a priority (hopefully the parent with dementia still has the capacity to do both)
Is it possible for them to buy a house for £180k or less in their area?