Mum needs help in retirement

[Shaneelastic]

unfortunately if she is 65 and no longer employed i think she is not able to move money into super.
to get the full aged pension her PPOR is exempt for asset testing which is good for her. but she has little income by the sounds of it.

she needs financial advice. pity it was not sort before now, or perhaps her situation changed and no plan b was in place?

There are ways to do it,

 

[weg]

Thanks bluecard this Is what I was aiming at doing if it worked.

Dean,

Initially I mistakenly thought you were trying to increase your mothers wealth.

So do your siblings and mother know you are entertaining ideas of personally benefiting by taking your mothers only asset/equity .

You may have good intentions now of financially supporting her (she may need, as others have said, 20+ years of it) but the conflict of your and your mothers needs make me wonder if you are the right person to be organising her financial affairs.

The biggest beneficiary in this situation would be you.

Sorry Blue Card! but I and many others wouldn't see it as a win win situation . I would be very disappointed and concerned if I was the mother in this situation.

By simply downsizing to eliminate her debt she has more cashflow, can remain in the area or close to, and most importantly she gets to keep her asset (which can be split equally between the 3 siblings AFTER she passes away).