advice please on taking out of mum's house to pay for domiciliary care

[mcgradie]

Hi all

We started employing a live in carer three weeks ago after we had one too many men turning up at the door after her money. Mum is obsessed with finding a man and she's too disinhibited with most men she meets.

It's the first peace of mind my sister and I have had for two and a half years so that's all good.

Reflecting on the next step, she is probably not going to be ready for a care home for some time - she's incredibly active and physically fit. We are now thinking about taking equity out of her house (which she owns outright) to pay for her live in care.

I'd be grateful for any information from people in similar situations. Is taking equity out of her house a bad idea? Mum is only happy with one to one care with someone who banters with her and whom she believes is her friend in her own home. Anything else brings on the agitation and the terrible mood swings.

Thanks

 

[jaymor]

My husband's niece took over the financial side of her Fathers life when her Mother who had alzheimers died and she realised that her Father too was in need of care. He eventually went into care with dementia and she had to sell his home to fund the care home fees. She found that her parents had taken equity out of their home to the sum of £12,000. She was faced with paying back just under £23,000. The money was taken out 10 years ago. I have no idea who the company was or if they were aware of what they would have to pay back,

Jay

 

[hollycat]

Is selling the house and renting an option thereby releasing the capital in the house ?

 

[mrjelly]

The TV money man Martin Lewis has some comments about equity release here:

http://www.moneysavingexpert.com/news/protect/2010/06/should-you-equity-release

 

[mcgradie]

Thank you everyone very useful feedback.