Equity release

roypaulknewmyfather said:
My mother in law took equity release when it was first available. She took £20k and had a conservatory built, driveway done and a new central heating system. She was thrilled with it. Sadly a few years later she developed Alzheimer’s and had to go into residential care. The terms of the release stated the balance had to be settled if she went into care, 12 months max from the time she went in. Luckily my missus had power of attorney so was able to get the house on the market. The old lady died before it was completed. The amount paid back to Aviva was £70k. That was 4 years ago. Not being judgmental, just giving what happened in our case. If you are ok with that, it’s your choice.
Click to expand...
How can that be legal?
 
BigJoe#1 said:
£250 each time...? Doesn't seem worth it, bet there's loads of paperwork and admin to sort out.
Click to expand...
The more onerous work is for the lender solicitors who have to contact potential estate beneficiaries of the person taking the equity release loan. From our perspective the paperwork is no more exhausting than a standard mortgage.
 
Had an offer of £58,000 up front with a draw down reserve of £40,000, if it ran for 20yrs, by which time i would be 90 i would owe £131,000 based on the £58,000 up front, can't see making 90 by the way
 
You must log in or register to reply here.
Unread Posts

Don't have an account? Register now and see fewer ads!

SIGN UP
Back
Top
✖
  AdBlock Detected
Bluemoon relies on advertising to pay our hosting fees. Please support the site by disabling your ad blocking software to help keep the forum sustainable. Thanks.