Hi Everyone
I was hoping someone could give me some advice about equity release. My Mum in law was diagnosed with Alzheimers about 5 years ago. She has recently took a dramatic decline and her consultant says that we should now start to look for a care home for her with a view to her being admitted within the next 6 to 12 months. He was concerned when we told him that she lived in her own home which she owned outright. He suggested we should look into ways to release the equity in her property now, so that when the time comes she will avoid having to pay home care charges.
Can any advise how this could work and if it is legal? The last thing we want to do is distribute her 'assets' between her children (my husband included) only to find that it has to be returned if Social Services feel her assets have been dispursed in a deliberate attempt to avoid charges. We really don't know how the 'charges' system works? Any advice would be most grateful
Best Regards
Gemini
I was hoping someone could give me some advice about equity release. My Mum in law was diagnosed with Alzheimers about 5 years ago. She has recently took a dramatic decline and her consultant says that we should now start to look for a care home for her with a view to her being admitted within the next 6 to 12 months. He was concerned when we told him that she lived in her own home which she owned outright. He suggested we should look into ways to release the equity in her property now, so that when the time comes she will avoid having to pay home care charges.
Can any advise how this could work and if it is legal? The last thing we want to do is distribute her 'assets' between her children (my husband included) only to find that it has to be returned if Social Services feel her assets have been dispursed in a deliberate attempt to avoid charges. We really don't know how the 'charges' system works? Any advice would be most grateful
Best Regards
Gemini