In this example, the couple are retired and one of them is ill and looking...
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In this example, the couple are retired and one of them is ill and looking for a retirement home, the home is going to cost $450,000 deposit. Neither of the couple work and draw 50,000 from their super in order to stay afloat. They have 20,000 and 562,000 in super combined, have a 900,000 dollar home. They also have 10,000 worth of home contents, a 15,000 dollar vehicle, and 55,000 cash in the bank. It is important to note they have 0 debt and everything is fully paid off. Only the man will be going to the retirement home, whilst the woman will continue her part time work.
Neither of them have ever received pension money or government support.
What should they do with their house?
Should it be sold or retained? Should it be rented out or should Myrtle live there? (Myrtle expressed her preference to stay in the home; she does not want to relocate.)
What would be the best use of the family home whilst still considering the wants of the woman, Myrtle who would prefer to live there.
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