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Elderly parents

Care home or live in carer?

4 replies

whatshouldIdo2022 · 05/07/2022 10:52

Hoping someone might have some experience they could share with me.

My grandad is 95 and lives by himself with carers coming 3x a week to basically do light cleaning. My mum goes every other day to do his lunch and his washing, various other bits he needs to run the house. He lives rurally. His eyesight has really deteriorated and he is falling a lot (bungalow so no stairs) but given his age his skin just tears so he needs to go to A&E and have his scrapes etc glued back together. My mum is absolutely at the end of her tether with worrying what he's going to do next but also is a huge control freak and won't let anyone help her! She's agreed that he can't stay there by himself anymore but he would be miserable in a home, he's autistic and would hate chatting, activities, not having his routine. He is sitting on about 800k of house. Does anybody know how we go about drawing equity out if he did have a live in carer? Without basically giving up the whole house on his death. Is it possible for him to get a loan secured against the house? He doesn't have enough in savings to pay a carer for long. Any advice or experiences much appreciated!

OP posts:
Parky04 · 05/07/2022 11:05

Only way is to go down the Equity Release route. At the age of 95 and a house value of £800,000, he would be able to release a lot of equity.

PermanentTemporary · 12/07/2022 18:17

I agree with parky04. This is one case where equity release might make sense. Could you ask around for recommendations on a financial adviser? I think Martin Thingy says if you do this, choose the type where you draw down money as you need it, rather than trying to predict how much you will need in one go.

User280905 · 12/07/2022 18:23

No recent experience of equity release, sorry.

But we've had great success with live in carers for in-laws. Been using them for about 3 years. They're coming towards the end of their cash so not sure what we'll do, we're burying our heads in the sand for now. But they've had a great few years feeling safe and looked after in their own home. And we've had much less worry.

shewhomustbeEbayed · 12/07/2022 18:34

www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs65_equity_release_fcs.pdf

Age UK do really good, up to date factsheets, this one is on equity release, other info on their site might also be useful, good luck

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