Many people that have enduring power of attorney over parents estates ask can equity release be completed under a power of attorney. The answer is yes but not all equity release providers will accept applications form those with enduring power of attorney.
An example is detailed below where equity release has been used with an enduring power of attorney:
Mrs G from Manchester, has enduring power of attorney over her father. For the last 6 years Mrs G’s mother has suffered successive strokes leaving her needing 24 hour nursing care. This care is very expensive and costs over £1,000 per week. The family has exhausted the capital they had available and require additional funds to continue the care for Mrs G’s mother.
Equity Release could be used to help fund the nursing care so that the mother could remain at home where she was familiar with the surroundings. With this type of scenario it is imperative that independent financial advice is sought to ensure that the plan is written correctly and that products from the whole market are sourced.
Independent legal advice must also be sought from a solicitor that is experienced in enduring power of attorney law.
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