Forman Financial Services

Aged Care Strategy – Former Home – Sell former home

This can benefit people who:

  • do not have sufficient funds to pay lump sum accommodation payment without selling former home
  • have a former home that has a relatively low market value
  • have a former home that will not generate sufficient rental income to meet aged care expenses
  • have a former home that is not able to be rented without substantial repairs/renovations

Potential Benefits:

  • Selling former home may assist with paying lump sum accommodation payments
  • Selling former home may provide access to capital to assist with meeting ongoing aged care expenses
  • Selling former home may be less stressful for family members as they do not have to manage property

Things to be aware of:

  • If sale proceeds are invested in financial investments (including making a downsizer contribution), they will be assessed as an asset subject to deeming which may reduce social security entitlements and increase means tested aged care fees

Aged Care & Home Care can seem complex.  We have a special offer for general advice for $225.00.
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