Help elderly relative house & equity release
Discussion
Hi all
Hopefully somebody on here can help me with this.
My nan is 84, lives in a large house with no mortgage and one of her daughters. Her health is getting worse and probably has 2-3 years left.
She claims that she doesn't have much money to do what she wants to do, so I wanted to speak to somebody about releasing equity on her home and how that impacts what happens to the property upon death.
If anyone is involved with this please PM me your details
Hopefully somebody on here can help me with this.
My nan is 84, lives in a large house with no mortgage and one of her daughters. Her health is getting worse and probably has 2-3 years left.
She claims that she doesn't have much money to do what she wants to do, so I wanted to speak to somebody about releasing equity on her home and how that impacts what happens to the property upon death.
If anyone is involved with this please PM me your details
Thanks for your reply Simpo. Her mind is pretty good still to be honest, just she is easily flustered over money. She has a private & state pension, which doesn't net that much. Other than that no other sources of income.
She had some decent money in shares and investments, but over time these have come out to help pay for everyday life.
I feel the main problem is she has X in savings that she is using to live on, but doesn't know how long she will live for. She may last another 10 years, so doesn't want to take out £5k to re-decorate, or £10k for a new car etc in case she does live another 10-15 years.
I just worry that she is holding everything back in case she lives longer and doesn't want to be a financial burden to anyone later on, should she spend some money now.
I thought of equity release as she has a substantial property and could release a good amount to enjoy the rest of her life with. Problem is I don't really understand the implications of doing this. As far as I'm concerned, it's her house and if she wants to release equity and it all goes to a finance company upon death then so be it, she's earned it. However being prudent, I felt I needed to understand this on her behalf so we are sure of the implications and if there are any better ways to achieve the same goal.
She had some decent money in shares and investments, but over time these have come out to help pay for everyday life.
I feel the main problem is she has X in savings that she is using to live on, but doesn't know how long she will live for. She may last another 10 years, so doesn't want to take out £5k to re-decorate, or £10k for a new car etc in case she does live another 10-15 years.
I just worry that she is holding everything back in case she lives longer and doesn't want to be a financial burden to anyone later on, should she spend some money now.
I thought of equity release as she has a substantial property and could release a good amount to enjoy the rest of her life with. Problem is I don't really understand the implications of doing this. As far as I'm concerned, it's her house and if she wants to release equity and it all goes to a finance company upon death then so be it, she's earned it. However being prudent, I felt I needed to understand this on her behalf so we are sure of the implications and if there are any better ways to achieve the same goal.
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