Selling a home to pay for care home costs.

[123]

Originally Posted by Donz1979

Doesnt answer your question but our system is so wrong, someone works hard for own house, it gets taken away if put in care. Someone has zero and its all paid for. Is it actually worth the stress of mortgages!

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Half the system is right, the other half is debatable

It is fair that if you have the money for long term care you should pay for it, many won't need it why should their taxes fund one person's ability to make their heirs richer?

The other side is a little more nuanced whilst it does seem unfair that some get it for free and others don't, a mark of a civilised society is that we don't hang out older citizens "out to dry"

No right answer, but the current approach is the best of a number of bad options

[scouser]

Thanks everyone for your feedback, it's a very emotional time for my dw and she is still coming to terms with the fact her mum isn't going home either, I have told her to take her time but she has said she doesn't want to be a landlord and rent it out.. I will try and get some specialist advice on it.

[lensgirl]

My nan went into a care home with dementia in September and we recently sold her home to pay for it. We did look at taking out an insurance type thing that would pay for her care for the rest of her life, but they wanted more than her house was worth.

[djewkes]

Originally Posted by lensgirl

My nan went into a care home with dementia in September and we recently sold her home to pay for it. We did look at taking out an insurance type thing that would pay for her care for the rest of her life, but they wanted more than her house was worth.

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I had power of attorney for my aunt (was one of 10 nieces and nephews), the solicitor suggested taking out an insurance policy which was costing approx £100k, she was well over 90, we said no, she died a couple of months later.

[Stitchesmumanddad]

This is why I never understand the mentality of paying off one’s mortgage ( although my circumstances may be different )
I retired at 48 and have a pension for life.
Ive borrowed and continue to borrow as much as I can against my own house to buy my son a house and help my other son buy his. Money gifted way way before it comes into deprivation of assets rules.
Im now gifting money to my grandson for his future