Equity release ... any experts ??

[ColinBellsjockstrap]

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.

The three kids are all grown up and all have very good jobs,with the two girls having their own houses and married.Our lad who lives with us is adamant that if we want to look at a plan like this,then we shouldn`t worry about him and his siblings.
Having said that and depending on what we could achieve,all three wont do so badly at the end of the day.Apparently,between now and whenever we snuff it,the actually sale of the house (which could happen in 10-20 years time when the cost of the house could add another £20K),so they wont be too far off.
Its all ifs and buts and whys and wherefores,but we have spoken to the three kids and they have all said the same "bugger off,get it done,don`t worry about us,enjoy it and get Mum to reduce her hours at work".
Don`t you just love your kids.The thing is,we believe them and know that each and every one off them,has the balls to say to us "have a think" if they thought otherwise.They are not selfish,but maybe one or two of you think that us two old farts are !!

I'm broadly in the same position as you Oakie, three grown up kids (all lads) the youngest (26) lives with us, but is getting married next year. They are all in well paid jobs.

I think much depends on your personal circumstances, if you can only see yourself living on beans and toast and holidaying in Bognor Regis till the end of your days the idea does (possibly) hold some appeal.

Also inheritance tax has to be taken into consideration, if your house is over a certain value...more so if you live in the London area.

All I am saying is look before you leap, because after you have signed on the dotted line it's too late to change your mind.......:)

 

[Bill Walker]

Serious question.
Do any of you have any knowledge or know of anyone who has taken out an equity release on their property ?
Just wondered what the pro`s and con`s were and are there any reliable and honest brokers,who deal with this kind of financial package (for want of better wording).

Financial rip off

sell your house and buy a smaller one

spend the money

 

[ColinBellsjockstrap]

Serious question.
Do any of you have any knowledge or know of anyone who has taken out an equity release on their property ?
Just wondered what the pro`s and con`s were and are there any reliable and honest brokers,who deal with this kind of financial package (for want of better wording).

Financial rip off

sell your house and buy a smaller one

spend the money

This....^^

 

[oakiecokie]

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.

The three kids are all grown up and all have very good jobs,with the two girls having their own houses and married.Our lad who lives with us is adamant that if we want to look at a plan like this,then we shouldn`t worry about him and his siblings.
Having said that and depending on what we could achieve,all three wont do so badly at the end of the day.Apparently,between now and whenever we snuff it,the actually sale of the house (which could happen in 10-20 years time when the cost of the house could add another £20K),so they wont be too far off.
Its all ifs and buts and whys and wherefores,but we have spoken to the three kids and they have all said the same "bugger off,get it done,don`t worry about us,enjoy it and get Mum to reduce her hours at work".
Don`t you just love your kids.The thing is,we believe them and know that each and every one off them,has the balls to say to us "have a think" if they thought otherwise.They are not selfish,but maybe one or two of you think that us two old farts are !!

I'm broadly in the same position as you Oakie, three grown up kids (all lads) the youngest (26) lives with us, but is getting married next year. They are all in well paid jobs.

I think much depends on your personal circumstances, if you can only see yourself living on beans and toast and holidaying in Bognor Regis till the end of your ideas the idea does (possibly) hold some appeal.

Also inheritance tax has to be taken into consideration, if your house is over a certain value...more so if you live in the London area.

All I am saying is look before you leap, because after you have signed on the dotted line it's too late to change your mind.......:)

Cheers mate.Yes we are still looking at the possibility of going down this road and I am glad that we have already discussed this with the kids.
The one problem that we have encountered is the sudden loss of near on £400 PM,as our Government have decided that I can NO longer claim for Sick Pay as,including my wifes earnings, we have a total income of £16K PA.
They acknowledge (DWP) that I am fully disabled and claim the high rate of DLA and cannot work,but hey ho,that makes no difference.
Unfortunately our expenditure far exceeds our income and this is one (and probably the only) means of getting back to an even keel and having some money to play about with and even get to a stage where we should be able to save,something we used to be able to do.
I can only re-iterate mate,we are so glad that the three kids we have raised,are wonderful and look no further than their parents enjoying a hopefully long time together and enjoying themselves.
Fuck me,I feel something in my eye !!

 

[oakiecokie]

Serious question.
Do any of you have any knowledge or know of anyone who has taken out an equity release on their property ?
Just wondered what the pro`s and con`s were and are there any reliable and honest brokers,who deal with this kind of financial package (for want of better wording).

Financial rip off

sell your house and buy a smaller one

spend the money

The main thing is Nim,we love where we live,have great neighbours and as we only paid £8K for our Council House,way back in the early 1980`s,we would actually end up with a possible loss,if we now looked at downsizing.

 

[ColinBellsjockstrap]

Sorry, for the typo Oakie, of course I meant to say the end of your days...

As I said, it depends on your personal circumstances, unfortunately your disability situation makes things rather more complicated.

I am sure you will do what is best for yourself and Mrs Oakie, and your children's attitude is refreshing, just make sure you think things through properly.

Good luck...:)

 

[Bill Walker]

Serious question.
Do any of you have any knowledge or know of anyone who has taken out an equity release on their property ?
Just wondered what the pro`s and con`s were and are there any reliable and honest brokers,who deal with this kind of financial package (for want of better wording).

Financial rip off

sell your house and buy a smaller one

spend the money

The main thing is Nim,we love where we live,have great neighbours and as we only paid £8K for our Council House,way back in the early 1980`s,we would actually end up with a possible loss,if we now looked at downsizing.

good old Maggie eh :)



Yes I see well check out the details of it, maybe its best for you, Im sus of these things but maybe Im wrong

maybe a visit to a financial planner might be worth it see what he/she thinks

 

[ColinBellsjockstrap]

maybe a visit to a financial planner might be worth it see what he/she thinks

They will think whatever earns them the most commission.

(You can hardly blame them, it's how they make their living)

 

[oakiecokie]

Sorry, for the typo Oakie, of course I meant to say the end of your days...

As I said, it depends on your personal circumstances, unfortunately your disability situation makes things rather more complicated.

I am sure you will do what is best for yourself and Mrs Oakie, and your children's attitude is refreshing, just make sure you think things through properly.

Good luck...:)

Ref my disability,one of the things that is very noticeable,that when we holiday overseas,the warm/hot weather certainly helps my ailments.Unfortunately me and the missus aren`t keen on the highlights of Spain,so we tend to venture farther afield in winter to Egypt or Cuba.
Yes,I know,fucking fussy bastards.
It is a "massive" (am I allowed to use that word) decision to make and thats why I`m looking at A.N.Other having gone down this route and finding out the positives and negatives.

 

[oakiecokie]

Sorry, for the typo Oakie, of course I meant to say the end of your days...

As I said, it depends on your personal circumstances, unfortunately your disability situation makes things rather more complicated.

I am sure you will do what is best for yourself and Mrs Oakie, and your children's attitude is refreshing, just make sure you think things through properly.

Good luck...:)

Just noticed your "location" as Malta,but I assume thats because you love the island ? We were there in 1982 and our Jade was only 2 years of age and a natural blonde (and still is).The Maltese made such a fuss of her,because of her blondness and me and the missus have always said we would love to go back.
We stayed in Bugarba and loved it.Those bastard buses were older than those fuckers that Reg Varney worked on.