Equity release ... any experts ??

[Bill Walker]

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)

theyre not like that here

you pay them for a consultation like a tax advisor or solicitor

 

[oakiecokie]

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

Hahhaaaaaaa.Yes mate I`m a fucking hypocrite,as we were one of the first to purchase our Council Houses when she "allowed us".
Have to agree mate ref seeing a financial planner.Wonder where SWP is nowadays ?? ;)

 

[Uncle Wally One Ball]

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).

Youre giving someone who has no moral stake in you and your family's life a huge say. Why not sell your house and downsize or get something cheaper and smaller and keep the equity that way? I understand that there will be fees and the like, but im pretty sure they will be worth it in the long run against one of those equity release jobs.

 

[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).

Youre giving someone who has no moral stake in you and your family's life a huge say. Why not sell your house and downsize or get something cheaper and smaller and keep the equity that way? I understand that there will be fees and the like, but im pretty sure they will be worth it in the long run against one of those equity release jobs.

Please see my response to the same Q. on page 3 mate.

 

[bernabias home shirt]

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.

Do it mate
I know someone who did this very thing & had grown up kids too, they only wanted what was best for their parents
The key thing is what you said, you don't want to move, stay there and take the money.

 

[Bill]

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.

 

[worsleyweb]

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??

 

[s1ty m]

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??

Equity release will cost a lot in the long run. This suggestion above has legs, in my opinion. Sound thinking. You get to stay where you are happy, you get the lump sum and the kids gain an asset with no need for an external party having a slice.

 

[denislawsbackheel]

No mate.We own our house,but I`m coming up to 64 and the missus is 61,so just seeing what (if any) are the benefits of releasing money back to us,against the value of our house,where the house is still 100% still owned by us and the repayment (+ interest) is only payable once me and the missus go to the blue skies above.

Sounds expensive frankly.

WTF ???? How much will I repay then.

You'll have nothing to leave to family. The interest rate compounds and in no time at all you double what you owe.

 

[Cheesy]

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 :-)