It can be a worry for older people when they see their adult children struggling financially. Someone in your family may be in this situation and you may want to help them. Before you decide to help you should be aware of the risks involved – especially if your home is all you have.
Older people may be ‘asset rich but income poor’. They may own their home, which may be worth a considerable amount, but their only income may be the pension. If you are in this position you need to think seriously before you use your home as security to help your children.
You can read this more on the Legal Aid NSW website or click below to download the PDF.