Pension Credit and Equity Release

katelina

Trying to fill in the Pension Credit form on the Government website for my 83 year old Mother who is living on less than £900 a month. 
One of the questions is Do you have a Mortgage or Loan secured against your home? Do I put yes to this as she released Equity 15 years ago to get by but all the money is now gone.
If the answer is No it then asks if you have any money from a Equity Release scheme which she did but now has nothing?

calcotti

The reason they ask the question is because a PC claimant would also have access for Support for Mortage Interest to help pay the interest on the loan repayments.

Presumably with equity release there are no payments, just a charge on the future sales proceeds when the property comes to be sold. If that's the case it doesn't seem relevant.

My inclination is to ignore it but would be interested in any other replies that are posted.

katelina

calcotti said:

The reason they ask the question is because a PC claimant would also have access for Support for Mortage Interest to help pay the interest on the loan repayments.

Presumably with equity release there are no payments, just a charge on the future sales proceeds when the property comes to be sold. If that's the case it doesn't seem relevant.

My inclination is to ignore it but would be interested in any other replies that are posted.

So I clicked No and it asked if She has any money from a Equity Release scheme which she has none left?

calcotti

You said she has spent it so she doesn’t have any money from an equity release.

I don’t know if you have the opportunity to add free text information as additional information. If so you could state that she obtained £x from equity release in yyyy but the money has since been spent on my living expenses (I assume she didn’t give it away).

katelina

No she didn't give any away and yes it has just been used as cost of living since my Father passed away. I may try giving them a call although I was trying to do it without having to have her on the phone as she gets confused. 

slowcars

I would answer no mortgage and no equity release money either.