Phone:02 8814 7307

FAQs

When it comes to aged care and aged care finance, there are a great number of questions we want to ask. Here are some of the most frequently asked questions. 

Aged Care FAQs

If Mum moves into Aged Care, is it better to sell the home or rent it out?

It will differ from person to person. Both financial and emotive factors need to be considered. There are also Bond and Pension considerations to take into account. Therefore to work out which is best, we need to calculate the outcome of each option. This will work out which is the best one for you.

If we sell her home, how will it affect her pension?

Whilst you own your home, it is not counted as an asset for pension purposes. However monies left over from the sale will be counted as an asset. This may have a reducing effect on your pension entitlement. There are however, things we can do to minimise the impact on the pension.

Should we consider a reverse mortgage?

In circumstances where you wish to keep your home, then a reverse mortgage may provide a better outcome. Again it is worthwhile looking at all the options to see which is best for you. You need to understand the pros and cons. Why should we get advice before moving into an Aged Care Facility? Good advice will help you find your way through the maze of Aged Care legislation. Because Aged Care is very complicated and convoluted, good advice will normally allow you to find the most economical way forward. This in turn can give you peace of mind by saving you money.

Is it possible to save money and reduce costs?

In most cases, yes.

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If you would like further details on any of the following questions you may ask, click on the link for more information:

What aged care and aged care finance options do we have?

How can we keep the home while putting our parents into aged care?

Is it better to rent or sell the home?

How do we pay the accommodation bond?

How do we get or keep the pension?

Can we afford aged care?

How can we minimise the income tested fee?

If you would like further information on aged care or aged care finance, contact us at Balance Financial Solutions. We have aged care finance specialists who are here to help and answer any question you may have. Contact us today.

Sydney: (02) 8814 7307
Canberra: 1300 556 287


 
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