Best Option for Home Owner at 70

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pudds

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Best Options for Home Owner at 70

Ex Council House.

Income: State Pension

Savings: None to speak off.

Family: none

Maintenance & Repairs, I’m finding them very difficult now.

Options:

1. Could will it to some charity.

2. Equity Release.

3. Sell the house on condition that the buyer can only take possession of

it after I die but meantime they take the responsibility for it’s maintenance.

4. If option 3 was a possibility would it be the worse option, one reason being

that if I had to go into a nursing home, I would have no house asset to offset the cost against.


Any other options available in case I’m missing out on something.:D

cheers.
 
Hi Pudds

Are you absolutely committed to staying in your house as long as possible no matter what?

If you are, that's perfectly understandable.

However, I have a relative that was in a similar situation to yourself up to a few years ago. She sold up and moved into a modern apartment complex within a couple of miles from her house. Just a regular apartment development - not particularly developed for retirees.

Best decision she ever made - according to herself. Secure, cosy apartment and no more worrying about the garden or a leaky roof. The move also freed up a few bob but that wasn't the main driver.

Not for everybody perhaps but it might be worth thinking about as a possible option.

As for what happens to your assets after your gone - well, that's entirely up to you. Any good solicitor will draw up a will to reflect your intentions.
 
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