Somehow I had got into my head that Attorneys/Deputies/Guardians were not allowed to take out an equity release mortgage on the adult's home. A recent family discussion has challenged this idea. TBH I don't remember where I got the information. Can anyone guide me to the relevant part of the interweb please?
OH and I are Guardians in Scotland for my mum. This is similar to deputyship. She is the sole owner of her property. The costs of live-in care may use up all her capital in the next couple of years, if she lives that long. The obvious thing to do would be to arrange a draw-down equity release mortgage with an initial lump sum loaned and then access to regular additional loan payments. I know that there are products like this around.
Has anyone done this as an Attorney/Deputy/Guardian for property and financial affairs?
OH and I are Guardians in Scotland for my mum. This is similar to deputyship. She is the sole owner of her property. The costs of live-in care may use up all her capital in the next couple of years, if she lives that long. The obvious thing to do would be to arrange a draw-down equity release mortgage with an initial lump sum loaned and then access to regular additional loan payments. I know that there are products like this around.
Has anyone done this as an Attorney/Deputy/Guardian for property and financial affairs?