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Any financial advice for my newly widowed mother

1 reply

RoSEbuds6 · 25/11/2020 19:39

Hi there,
My lovely dad passed away mid September and my my mum is trying to get used to life on her own.
She has some savings >£10k and a small private pension plus a percentage of my dad's pension. She is not entitled to any benefits. She is frugal by nature and feels she will be fine. She also has a very well stocked freezer and a healthy vegetable patch. But I am freaking out about her pot of money because once it's gone it's gone.
I wonder whether she should get a small interest only mortgage on the house to give her some safety money, and then that loan would be paid off from her estate when she dies.
Also she needs a new boiler and I wondered if there are any grants available for that.
I am hoping you might be able to give me some advice.

  1. would a mortgage be a good idea?
  2. where would you find out about deals and grants for OAP's
  3. is there anything financially canny we could do to make her life easier?
Thanks in advance. PS my DB and I both have our own families and incomes, so aren't relying on a big inheritance -we just want her to be comfortable and be able to have a modest holiday from time to time.
OP posts:
winnieanddaisy · 07/06/2021 17:22

I wouldn't get a mortgage if she is retired. I doubt they would give her one , but I think you may mean equity release which I think is a bad idea . They seem to take a lot more of the value than you would think when she passes away and if she needed to sell for care home fees , they get their share first which could the difference between a really nice care home and a not so nice one . That's just my opinion anyway .
How is she managing financially at the moment . ? She might be ok and even saving a little bit . I think there are grants to be obtained for things like a new boiler etc. There might be help towards other costs, eg a new roof or windows etc . My uncle was in the RAF years ago and their benevolent fund helped him towards his boiler so if her husband had been in the forces that is another road to go down for her

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