Best Option for Home Owner at 70

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.

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.

pudds said:

Ex Council House.

Click to expand...

How much is it worth ? I know many in Dublin anyway that are worth a lot.