My husband and I purchased a property with my mother some 30 years ago and the time may be coming where mum needs to go into a retirement village or even a nursing home. This house is our only form of superannuation and as mum has had exclusive use of the home for this period and no rent was paid by her to us this was to be taken off her interest in the property if the property was sold…we thought this was a good arrangment at the time if mum ever wanted to move out however this never happened and now her interest is zero…if and when she passes her share is being left to us honouring this arrangement. The problem is she is on the title and we are not sure where this places her as far as the assets test with centrelink goes for when she wants to move into a nursing home or retirement village. Would this house be considered an asset and would we be forced to sell it although in reality it would be our money we would be releasing from the sale to put her in a home? I hope you can assist.
I think you need to speak with a specialist financial adviser for this as aged care 101 are not qualified to give individual financial advice.