Hi All - I'm in need of some advice on our somewhat unusual situation.
My Husband and I bought a bigger house so that Mum could come and live with us 5 years ago when she could no longer maintain her home. Mum put almost one third of the capital into the house from the sale of her previous home and although she's not on the deeds, we entered into a tenancy agreement to protect her investment if the house was sold in her lifetime.
In the home we have 2 children, one of which is only 5, the other is almost 18.
In terms of Mum's finances, the money she put into the home is considerable, more than the £23,250 threshold.
She's struggling now and I'm struggling to care for her on top of a very demanding full time job and a young family. It's come to the point where a care home is looking to be the option which gives Mum the best quality of life and care for her.
So - my question is, are we going to be forced to sell our home to release the capitol to pay for her care home?
Any ideas?
My Husband and I bought a bigger house so that Mum could come and live with us 5 years ago when she could no longer maintain her home. Mum put almost one third of the capital into the house from the sale of her previous home and although she's not on the deeds, we entered into a tenancy agreement to protect her investment if the house was sold in her lifetime.
In the home we have 2 children, one of which is only 5, the other is almost 18.
In terms of Mum's finances, the money she put into the home is considerable, more than the £23,250 threshold.
She's struggling now and I'm struggling to care for her on top of a very demanding full time job and a young family. It's come to the point where a care home is looking to be the option which gives Mum the best quality of life and care for her.
So - my question is, are we going to be forced to sell our home to release the capitol to pay for her care home?
Any ideas?