SALLY SORTS IT: Aviva's 50,000 equity release fee if parents sell their home

My 78-year-old mother recently suffered a stroke and now needs long-term care, which my elderly father isn't well enough to provide.

Before, she was caring for him in their two-storey house but now she can't walk unaided so they need to move to a bungalow nearer to me so I can help.

But they might not be able to. About 25 years ago, when hard up, my parents took out an Aviva lifetime mortgage.

They borrowed 60,000 and now owe 250,000. The interest rate is about 10 per cent but the worst is they have to pay an early repayment charge of 50,000 if they sell up. This is soul destroying.

Aviva says the fee won't be waived unless one of them dies or both need long-term care.

But the definition of needing care is incredibly specific they only qualify if they can't go to the toilet unaided.

Newer contracts allow the penalty to be waived if just one person goes into long-term care.

This ridiculous charge is blocking their ability to move. Please help.

A.G., Henley-on-Thames.

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Sally Hamilton replies: People aged 55 or over who, like your parents, are cash poor but rich in bricks and mortar often opt for a lifetime mortgage also known as an equity release loan.