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Equity Release
Profile | Posted by | Options | Post Date |
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Newby | Report | 13 Mar 2017 20:00 |
Not all care homes are bad xxx |
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David | Report | 13 Mar 2017 19:36 |
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Newby | Report | 13 Mar 2017 19:22 |
Inspector green pen has hit the nail on the head .. there are also fees to be met if you try to exit these agreements early .Please be very very careful before considering this and get independent advice XX |
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InspectorGreenPen | Report | 13 Mar 2017 19:04 |
When I retired ten years ago I looked at a number of schemes purely out of interest. |
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Newby | Report | 13 Mar 2017 18:57 |
My Dad was in a Nursing Home for 3 years. The placement was made by SS after a huge stroke, as my Mum still lived in the marital home and they could not access that asset. When Dad was 90 SS decided that their funds were not enough and tried to make the family pay for the top up in fees to cover the increase in the homes prices. The home was fantastic and we were lucky |
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+++DetEcTive+++ | Report | 13 Mar 2017 18:34 |
Very true Newby. However, there are different circumstances for different people. It's possible that a number of the elderly could live a long and contented life in care. It's true that their money may run out. |
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Newby | Report | 13 Mar 2017 17:59 |
The fact she was able to sell her house, meant she could chose the type of Home she could be happy in. If you've no 'value' left, you have to accept what ever the care system is willing to fund. |
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Newby | Report | 13 Mar 2017 17:43 |
There is a way around this re care homes. Firstly Social Services cannot take the value of the marital home into account if one spouse still resides there. Secondly if both spouses are tenants in common and their will passes their share onto someone else and not the spouse who requires a care home , it is very hard for SS to try to sell part of the property if the 50% other owner refuses to sell..I am just passing on information here ..so please do not judge |
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+++DetEcTive+++ | Report | 13 Mar 2017 17:34 |
The fact she was able to sell her house, meant she could chose the type of Home she could be happy in. If you've no 'value' left, you have to accept what ever the care system is willing to fund. |
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David | Report | 13 Mar 2017 16:08 |
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Newby | Report | 13 Mar 2017 15:59 |
My parents did this but they used a company that made sure that their children understood the consequences. My parents borrowed 40K where interest accrued at about 6% per annum with no repayments. I was happy with this because it meant they could enjoy their retirement together without worrying. They were struggling before they took out this loan and it removed a lot of worry. |
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SuffolkVera | Report | 13 Mar 2017 12:54 |
I don't think you can say whether it's a blessing or a curse - it depends so much on individual circumstances. For me, it would be a last resort if I were desperate for cash. |
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Gwyn in Kent | Report | 13 Mar 2017 09:28 |
It perhaps depends on what you need the money for. |
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+++DetEcTive+++ | Report | 13 Mar 2017 09:19 |
Probably 'a good idea at the time'. |
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David | Report | 13 Mar 2017 09:13 |
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