A clearer explanation of joint ownership

alankearn · 14 March at 6:19PM

Hope this is a clearer explanation
I am 92 years old my wife is 87 years old

My wife went into a care home self funding 14 months ago
at the time she had eighty thousand pounds in savings, in a few months time I shall have to ask the local council to step in with some help.
This will result in the council arranging a loan against the value of her part ownership (approximately £100.000) of our property this is called deferred payment. This with her income and attendance allowance will buy her about 3 years of care home protection, the care home is own by the top home care company in the country (HC-One) it really is top class and only a 10 minute walk from where I live so I go and visit her nearly every day for a couple of hours. If it comes to the point that the council has to pay for her care, to keep costs down they may move her to a cheaper care home goodness goodnes knows where, I want to avoid this.
My part ownership of our property is of more value to my wife than me it would buy her another approximatly 3 years of self funded care this would take her to almost 94 years old. At this age if the local council had to pay the care costs they would be reluctant to move her.
I have £150,000 in savings and the bonus is when I get fed up of living alone and we are both still alive I can self fund myself into the same care home (if she can put up with me back in her life)