My Dad is 87 & living in the family home, he is in poor shape & requires 24/7 carers, which don't come cheap. His outgoings exceed his income to the tune of approx €1,000 per month by the time the carers are paid the house heated & general living expenses. His savings were meeting this shortfall for the past number of years, but his resources are almost exhausted now.
The house is probably worth €600,000.
If he were to release say €75,000 equity from the house, he could live comfortably for the next 75 months.
What are the pitfalls of such a plan?
Does anyone have any experience /advice they could share?
Many thanks
RG