Equity Release

[tastyjane]

Re: Equity Release

Thanks mgfboy - I'll send that link to my mum and look over it with her. If this is the route she wants to go down then it appears that there are some good companies and some not so good companies so that site looks great for pointing her in the right direction.

Jane x

[mgfboy]

Re: Equity Release

From what you have said , I probably wouldn't adviser to use equity release, but you do have to look at all the option

[The Tech Clerk]

Re: Equity Release

Equity release=leave well alone, why do you think so many companies are chasing this area == pre profit and a lot to be made?????

[tastyjane]

Re: Equity Release

My gut feelings are that this is not the way forward for her but want her to look in to it herself so she makes up her own mind - we talked last night some more about selling her house and banking the capital - she has an OK private pension which would pay the bills but would have to use her capital to pay her rent. She worries that her house needs things doing to it like the drive needs resurfacing and the heating system is old. She hadn't realised that if you rent then the landlord is responsible for essential up keep which would be a great weight off her mind.

I know she could end up spending all her capital over the next 15 years or so but at least she wouldn't have to worry about so much and could say yes to the odd holiday with her friends. Things can change dramatically in 15 years and she would never be homeless - I would never see her without somewhere safe and warm to live but she really doesn't want to give up her independence yet.

Thanks for all your help and opinions - if its not my kids I'm worrying about its my parents!!

Jane x

[mgfboy]

Re: Equity Release

Equity release=leave well alone, why do you think so many companies are chasing this area == pre profit and a lot to be made?????

Disagree matey, it's horses for courses.

And yes they are doing it to make money,that's the way the world works, nothing is for nothing!!!
Because you don't like it or perhaps don't understand the different options you shouldn't stop others from exploring everthing

[mgfboy]

Re: Equity Release

My gut feelings are that this is not the way forward for her but want her to look in to it herself so she makes up her own mind - we talked last night some more about selling her house and banking the capital - she has an OK private pension which would pay the bills but would have to use her capital to pay her rent. She worries that her house needs things doing to it like the drive needs resurfacing and the heating system is old. She hadn't realised that if you rent then the landlord is responsible for essential up keep which would be a great weight off her mind.

I know she could end up spending all her capital over the next 15 years or so but at least she wouldn't have to worry about so much and could say yes to the odd holiday with her friends. Things can change dramatically in 15 years and she would never be homeless - I would never see her without somewhere safe and warm to live but she really doesn't want to give up her independence yet.

Thanks for all your help and opinions - if its not my kids I'm worrying about its my parents!!

Jane x

Has she thought about buying a smaller property mortgage free, it could be a good half way solution??

[The Tech Clerk]

Re: Equity Release

Has she thought about buying a smaller property mortgage free, it could be a good half way solution??

BEST BET!

[tastyjane]

Re: Equity Release

We have looked at that but to be honest she would only have around £90K to buy a house after she had paid off her outstanding mortgage the car balloon payment and estate agent fees etc.

She is not comfortable living in a flat (she has issues around being close to people that may or may not drink and may or may not be sick!) It took us a while to convince her to buy a semi detached house! Her phobia is very real and effects most things she does (we cannot go into town after about 3 in the afternoon because there might be drunks around, wont stay in hotels she doesn't know are "safe" although I am unsure how she knows they are safe ) etc.

The only properties around here less than £100K are 2 bedroom flats - so this is a none starter unfortunately. She also provides respite care for my niece who is 19 and has sever celebral palsy so stairs can be a problem too...

I just wish I could win the lottery seems such a shame that after working for over 40 years she is worried about a roof over her head - and its all down to a man!!

Jane x

[The Tech Clerk]

Re: Equity Release

We have looked at that but to be honest she would only have around £90K to buy a house after she had paid off her outstanding mortgage the car balloon payment and estate agent fees etc.

She is not comfortable living in a flat (she has issues around being close to people that may or may not drink and may or may not be sick!) It took us a while to convince her to buy a semi detached house! Her phobia is very real and effects most things she does (we cannot go into town after about 3 in the afternoon because there might be drunks around, wont stay in hotels she doesn't know are "safe" although I am unsure how she knows they are safe ) etc.

The only properties around here less than £100K are 2 bedroom flats - so this is a none starter unfortunately. She also provides respite care for my niece who is 19 and has sever celebral palsy so stairs can be a problem too...

I just wish I could win the lottery seems such a shame that after working for over 40 years she is worried about a roof over her head - and its all down to a man!!

Jane x

About the same as us after paying off mortgage etc, well cut to end needed, we want to move away and downsize = no mortgage then?

[mgfboy]

Re: Equity Release

We have looked at that but to be honest she would only have around £90K to buy a house after she had paid off her outstanding mortgage the car balloon payment and estate agent fees etc.

She is not comfortable living in a flat (she has issues around being close to people that may or may not drink and may or may not be sick!) It took us a while to convince her to buy a semi detached house! Her phobia is very real and effects most things she does (we cannot go into town after about 3 in the afternoon because there might be drunks around, wont stay in hotels she doesn't know are "safe" although I am unsure how she knows they are safe ) etc.

The only properties around here less than £100K are 2 bedroom flats - so this is a none starter unfortunately. She also provides respite care for my niece who is 19 and has sever celebral palsy so stairs can be a problem too...

I just wish I could win the lottery seems such a shame that after working for over 40 years she is worried about a roof over her head - and its all down to a man!!

Jane x

Thats a shame that she cant buy somewhere smaller, but isn't renting going to clause her grief , in that, if she is of a nervous disposition in the fact that she doesn't control her property?

[tastyjane]

Re: Equity Release

Its so complicated isn't it - luckily we don't have to do anything in a hurry, she knows which part of the town she wants to live in and she could rent something for around £600 a month on a nice new estate with parking and a garage. I am going to do some investigation as to "long term letting" to see if we can get her a lease longer than 6 months to give her some peace of mind. If this is the way she wants to go she can always sell and then move in with one of us until a house she will be happy in comes on the rental market. I wish she would look at apartments as she could buy one outright in a nice area but she just wont be moved!

Jane x