Equity release ... any experts ??

worsleyweb said:
de niro said:
ColinBellsjockstrap said:
It's a massive decision that needs a lot of serious thinking through, especially if you have children you want to leave something to.

The idea (in theory) makes some kind of sense, but personally I would not touch one of these schemes with a bargepole.

There is usually only one winner and that's the insurance company/bank.

A lot depends on how much they value your house at.

absolutly this.


Can your kids not buy it off you and you rent it off them??
I should imagine he's been down that avenue & its a non starter
Fair play to oakie if he still wants to live where he is & get some extra cash,why not.....
 
The cookie monster said:
worsleyweb said:
de niro said:
absolutly this.


Can your kids not buy it off you and you rent it off them??
I should imagine he's been down that avenue & its a non starter
Fair play to oakie if he still wants to live where he is & get some extra cash,why not.....

Its basically a non starter mate,as our eldest daughter already has a near £200K mortgage and our youngest daughter lives and works in Bulgaria.Our son,who lives with us,is only 23 and enjoys the fine life of being single,plus living at home for peanuts. ;)
Had a chat this morning to an Independent Advisory Company and I must admit I was very pleased with their help and am now far more confident in the finer points of taking out such a possible deal.
The house is 100% still ours until BOTH myself and wife pass away and the interest is at 6.7% and we have the option of paying the interest on a monthly,yearly or no payments at all basis.
The 3 kids have, without exception, said go for it and don`t worry about them.However there would still be plenty of pennies left over for the three of them,anyway.
 
Cheesy said:
I'm good friends with the lady whose business won the Equity Release Council's "Best Sole Trader" award last year.

<a class="postlink" href="http://m.mortgagesolutions.co.uk/mortgage-solutions/news/2309545/equity-release-awards-2013-all-the-winners" onclick="window.open(this.href);return false;">http://m.mortgagesolutions.co.uk/mortga ... he-winners</a>

Let me know if you want her to contact you for a chat. She's fantastic :-)

LOL
That's like the Mafia having an awards evening!
 
oakiecokie said:
The cookie monster said:
worsleyweb said:
Can your kids not buy it off you and you rent it off them??
I should imagine he's been down that avenue & its a non starter
Fair play to oakie if he still wants to live where he is & get some extra cash,why not.....

Its basically a non starter mate,as our eldest daughter already has a near £200K mortgage and our youngest daughter lives and works in Bulgaria.Our son,who lives with us,is only 23 and enjoys the fine life of being single,plus living at home for peanuts. ;)
Had a chat this morning to an Independent Advisory Company and I must admit I was very pleased with their help and am now far more confident in the finer points of taking out such a possible deal.
The house is 100% still ours until BOTH myself and wife pass away and the interest is at 6.7% and we have the option of paying the interest on a monthly,yearly or no payments at all basis.
The 3 kids have, without exception, said go for it and don`t worry about them.However there would still be plenty of pennies left over for the three of them,anyway.

What happens if (god forbid) one of you dies and the other has to go in a nursing home for five years at £700pw?

You are still relatively young, are you sure you want to live in your house forever, what if you fancy a move to another nearby town in five years?

These are the kind of questions you need to be asking Oakie, and make sure you get any answers IN WRITING on their headed notepaper.

Not trying to put you off, just pointing out some potential pitfalls.......:)
 
ColinBellsjockstrap said:
oakiecokie said:
The cookie monster said:
I should imagine he's been down that avenue & its a non starter
Fair play to oakie if he still wants to live where he is & get some extra cash,why not.....

Its basically a non starter mate,as our eldest daughter already has a near £200K mortgage and our youngest daughter lives and works in Bulgaria.Our son,who lives with us,is only 23 and enjoys the fine life of being single,plus living at home for peanuts. ;)
Had a chat this morning to an Independent Advisory Company and I must admit I was very pleased with their help and am now far more confident in the finer points of taking out such a possible deal.
The house is 100% still ours until BOTH myself and wife pass away and the interest is at 6.7% and we have the option of paying the interest on a monthly,yearly or no payments at all basis.
The 3 kids have, without exception, said go for it and don`t worry about them.However there would still be plenty of pennies left over for the three of them,anyway.

What happens if (god forbid) one of you dies and the other has to go in a nursing home for five years at £700pw?

You are still relatively young, are you sure you want to live in your house forever, what if you fancy a move to another nearby town in five years?

These are the kind of questions you need to be asking Oakie, and make sure you get any answers IN WRITING on their headed notepaper.

Not trying to put you off, just pointing out some potential pitfalls.......:)

Thanks mate.The house belongs to us until the last one dies,or when it is sold and then they get the first cut of any monies from the sale.All paperwork is a legal binding document which is held by both parties.including a Solicitor of our choice.
If we wish to move house at some other stage of our lives, the new house could form part of this agreement,but thats something I clearly need to read up on and ask the Solicitor about.However,we see no reason to move at all.
£700 PW !!! No mate nothing like that at all around here.More like £700 PM !!
We are expecting some Financial Paperwork to arrive early next week and a FREE house valuation will be carried out by one of the their Assessors and thats when a final decision on the amount of borrowing will be offered to us.We already know the minimum and maximum amounts,we will be offered and there are still tens of thousands left for the kids.
I am also talking to one of Blue Moons regular posters,who has sent me details of a friend of his who recently won an award for her Company which offers help in this sort of Financial Package,so at least we will then have two offers but more importantly,we can then look any differences in practices etc,but they should be both working from the same hymn sheet,apart from the two offers of monies.
 
oakiecokie said:
The cookie monster said:
worsleyweb said:
Can your kids not buy it off you and you rent it off them??
I should imagine he's been down that avenue & its a non starter
Fair play to oakie if he still wants to live where he is & get some extra cash,why not.....

Its basically a non starter mate,as our eldest daughter already has a near £200K mortgage and our youngest daughter lives and works in Bulgaria.Our son,who lives with us,is only 23 and enjoys the fine life of being single,plus living at home for peanuts. ;)
Had a chat this morning to an Independent Advisory Company and I must admit I was very pleased with their help and am now far more confident in the finer points of taking out such a possible deal.
The house is 100% still ours until BOTH myself and wife pass away and the interest is at 6.7% and we have the option of paying the interest on a monthly,yearly or no payments at all basis.
The 3 kids have, without exception, said go for it and don`t worry about them.However there would still be plenty of pennies left over for the three of them,anyway.
I'd spend the plenty left over too mate
Always telling my mum & the mother in law to leave fuck all, enjoy yourself and spend it & stop thinking abt others..... especially when they are all grown up........
 

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