For those over 60's returning on a budget!
May 9th 2013, 6:51 am
#16
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Joined: Nov 2012
Location: Back in the UK!
Posts: 2,404
Re: For those over 60's returning on a budget!
http://www.camdencrossroads.myzen.co...fer/homeshare/
Here's something else you could consider: being a carer for less rent. This is just for the London area, but they have similar things in other areas. This does not involve being with someone who needs 24/7 intensive care, It would be light housework, maybe laundry, food shopping - and only 10 hrs per week according to this website.
Here's something else you could consider: being a carer for less rent. This is just for the London area, but they have similar things in other areas. This does not involve being with someone who needs 24/7 intensive care, It would be light housework, maybe laundry, food shopping - and only 10 hrs per week according to this website.
May 9th 2013, 9:25 am
#17
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,585
Re: For those over 60's returning on a budget!
Fully agree with your take on inheritance, dunroving! If you're able to comfortably leave your kids some money/assets, then that's great. But the sort of (adult) child who would willingly see their parents struggle during their latter years, just to leave them a chunk of money, don't deserve anything! Reverse mortagages mightn't be the most lucrative way of realising the value of a property but if it works for people in particular circumstances, then good on them.
I expect nothing from my Mother, and while I hope to be comfortable in my retirement AND leave a useful inheritance for my daughter, I am not going to scrimp on comforts just to leave money to her. Mrs P agrees entirely with the above.
May 9th 2013, 11:51 am
#18
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Joined: Nov 2012
Location: Back in the UK!
Posts: 2,404
Re: For those over 60's returning on a budget!
DD's scholarships did not cover all her expenses and we picked up the difference. That's all she is expecting. Fortunately, she has chosen a career that she can make a decent living at. We hope to leave her something, but we will all be happy if she doesn't end up having to help us out in our old age.
May 13th 2013, 12:22 am
#19
Forum Regular
Joined: Apr 2013
Location: .
Posts: 235
Re: For those over 60's returning on a budget!
Regarding reverse equity (mortgage) deals.
I pulled a $20k reverse mortgage about 15 months ago payed $150 a month for 12 months, discharged the mortgage after 12 months at a cost of $20385.00 so the $20k cost me $2.8 large for the 12 months ($800 establishment fee inc legals),- doesn't take a genius to work out the compound over 10 years if you don't at least pay the interest.
Caveat emptor imo on this one.
I pulled a $20k reverse mortgage about 15 months ago payed $150 a month for 12 months, discharged the mortgage after 12 months at a cost of $20385.00 so the $20k cost me $2.8 large for the 12 months ($800 establishment fee inc legals),- doesn't take a genius to work out the compound over 10 years if you don't at least pay the interest.
Caveat emptor imo on this one.
Last edited by BASHO; May 13th 2013 at 12:26 am. Reason: additional info
