Fair Deal Nursing Home Scheme

[theroux]

I'm afraid I can't as I am getting this info from an expert in the Fair Deal scheme. The HSE has been provided with a table by the Department of Health to calculate the value. It seems that someone is splitting hairs here but that is the scheme.

I spoke to the HSE and they confirmed what you are saying. They said they would not look at the asset if it is just a "right of residence" but would consider it if it is a "life interest"

I asked for elaboration on the definition of these terms and she said that with a right of residence the person is not entitled to any thing when the property is sold (ie has no ownership). Under a life interest the person owns a portion of the property and is thus entitled to a portion of its value under a sale.

 

[Woodie]

I asked for elaboration on the definition of these terms and she said that with a right of residence the person is not entitled to any thing when the property is sold (ie has no ownership). Under a life interest the person owns a portion of the property and is thus entitled to a portion of its value under a sale.

Thanks for that clarification Theroux, it seems logical enough in that case. If there person has a financial stake "interest" in the property then it obviously is an asset, so fair to be included. The assumption then would be, that the contribution value will be calculated on that percentage of the asset that is owned by the person seeking the loan under the Fair Deal scheme rather than the whole property.

 

[44brendan]

A life interest is an ownership right on a property and can in theory be sold on. However, a "right of residence" is an impediment on the property and has no independent value!