Equity release

[nw42]

If you have another look I answered yours and Brooklands Blue who said he was a IFA.

FFS, no wonder you would consider it. 8-)

I did read it, still unsure why you included my post, no context.

As the other fella said, if you're single and have no kids to leave it to what's the problem? Just because it doesn't suit you doesn't mean it's not a good idea for someone else..

 

[r.soleofsalford]

I did read it, still unsure why you included my post, no context.

As the other fella said, if you're single and have no kids to leave it to what's the problem? Just because it doesn't suit you doesn't mean it's not a good idea for someone else..

It`s no skin of my nose, knock yourself out if your comfortable with what its going to cost you.

I`d look into how much these equity release company are potentially making out of you and how much the agents commission is.

 

[DunfermlineBlue]

Or if he likes having his trousers pulled down

I’ve done it twice, taking the equity out of houses is a great way to invest in other properties

 

[J.G.Blue.]

You need to get some help for your mum. You've clearly done a great job looking after her up to now but if you end up skint then its not going to help. Sure someone could help with who to speak to at the council etc. I'm guessing you are not yet 60 and I think you need to get your mum in a home and work a few more years until your pension kicks in.

Thanks for the note, mum wont be going in a home until there is no other option, we are just about managing but it is quite frustrating there is a lot of money tied up in the house which is why I have considered Equity release,
I am at the moment trying to find someone to advise us on our options but who is not going to charge us a fortune for for the advice. (im 60 in a few months)

 

[Brooklands Blue]

If your an IFA how much do you make per £1000 borrowed through one of these Equity release

The lender pays us a commission fee of 0.50% of the loan amount arranged. Average loan amount is circa £50,000.

 

[Blue Mist]

OP be very careful. If you take out equity release you will no longer own your home.
This will stop you bricking the windows torching it and even smashing the back doors in.


Just sayin'

 

[hampshireblue]

I have seriously considered it, due to my circumstances, I look after/live with my elderly blind mother & the thoughts of moving/downsizing fill me with dread, I cant get at my private pension for another 4 years (state pension 5 years) & I cant really go out to work full time due to looking after mum (done over 40 years self employed builder) so at the moment I am trying to buy & sell to survive,
Not really sure what to do because all our money is tied up in the house, banks are a waste of time & I dont really want to go down the equity release route but it is very tempting.

You should be able to get at a private pension at 55 if really needed.

 

[Brooklands Blue]

I have seriously considered it, due to my circumstances, I look after/live with my elderly blind mother & the thoughts of moving/downsizing fill me with dread, I cant get at my private pension for another 4 years (state pension 5 years) & I cant really go out to work full time due to looking after mum (done over 40 years self employed builder) so at the moment I am trying to buy & sell to survive,
Not really sure what to do because all our money is tied up in the house, banks are a waste of time & I dont really want to go down the equity release route but it is very tempting.

Equity release schemes have a bad reputation from the initial launch into the market and deservedly so. However, the FCA have thankfully brought the lenders in this market into line and the amount of regulatory requirements around arranging these products all but stops any client abuse which is a good thing. I can't say whether equity release would be suitable for your mum and your circumstances without the full facts but there are plenty of good IFA'S out there who always act with the clients best interest. I would recommend that if your mum hasn't done so that she puts her house into Trust so if she does end up in care she has ring fenced her biggest financial asset and that the equity won't be used to fund her care. Also, I'd recommend she gives you and another person Lasting Power of Attorney over her financial affairs and health and welfare.

 

[Kippaxpete]

You need to get some help for your mum. You've clearly done a great job looking after her up to now but if you end up skint then its not going to help. Sure someone could help with who to speak to at the council etc. I'm guessing you are not yet 60 and I think you need to get your mum in a home and work a few more years until your pension kicks in.

Sound advice though it may not be necessary to consider moving his mother into a residential home. Council authorities are equipped to provide in the home care by trained professionals, together with other practical support, at no additional cost, an option that is more cost efficient for them and almost invariably preferable for the individual concerned. I speak from experience as my dad received an excellent level of care in his final years via Stockport Borough Council's Adult Social Care Team thereby relieving my elderly mother of the added pressure at a particularly challenging time. I would recommend that J.G.Blue contact his local authority in the first instance to arrange an initial assessment to establish how caring affects his own wellbeing and what help he might need. If he's eligible for support, they'll work out a personal budget which is given as a direct payment with no requirement to contribute towards the cost. That budget is then available to meet the cost of things identified in the assessment such as daily home visits, necessary equipment, adaptations to the home or even a holiday or short break as respite for J.G.Blue as the principal carer.
As someone who has worked most of his adult life, J.G.Blue will have contributed to the social care pot by way of income tax, national insurance and council tax and should feel no shame in seeking help

 

[Bill]

avoid at all costs .
downsize or sell up and rent . put any spare capital in a investment fund. Premium Bonds even.