08-08-2016, 09:12 AM
4
Re: Equity release
It is not something to take lightly. The `git` yes you guessed,took out a `shared appreciation mortgage`-I told you he was a loony. But things have moved on. Look at all the options and think. Could `downsizing` be an option?-you might get a few quid and still own a property. I will not pry but things like your age and personal circumstances will clearly be factors.08-08-2016, 09:16 AM
5
Re: Equity release
A couple of quick enquires with Internet calculation websites shows that we could obtain £40,000 to £50,000 on a house valued at £200,000; but I'm certainly not going into it without a lot of checking and homework firstdownsizing would produce more money and be less complicated in many ways, but will almost certainly take longer, and then we would have the fuss & bother of finding somewhere else, and moving
T'ain't easy is it.
Well actually the easiest is not to do either of these, but we could do with the money, and now we've paid the mortgage off, the house is effectively dead capital
08-08-2016, 11:00 AM
6
Re: Equity release
Originally Posted by zuludog
->
A couple of quick enquires with Internet calculation websites shows that we could obtain £40,000 to £50,000 on a house valued at £200,000; but I'm certainly not going into it without a lot of checking and homework firstdownsizing would produce more money and be less complicated in many ways, but will almost certainly take longer, and then we would have the fuss & bother of finding somewhere else, and moving
T'ain't easy is it.
Well actually the easiest is not to do either of these, but we could do with the money, and now we've paid the mortgage off, the house is effectively dead capital
Our apartment with no mortgage on it is worth around £210,000 and we could get about £80 to £90 thousand pounds equity release as I understand it.
So it is rather tempting.
We are not short of a few bob so we don't really need it, but I do intend being a S.K.I.N.
Spending Kids Inheritance NOW!
08-08-2016, 11:03 AM
7
Re: Equity release
Originally Posted by zuludog
->
A couple of quick enquires with Internet calculation websites shows that we could obtain £40,000 to £50,000 on a house valued at £200,000; but I'm certainly not going into it without a lot of checking and homework firstdownsizing would produce more money and be less complicated in many ways, but will almost certainly take longer, and then we would have the fuss & bother of finding somewhere else, and moving
T'ain't easy is it.
Well actually the easiest is not to do either of these, but we could do with the money, and now we've paid the mortgage off, the house is effectively dead capital
08-08-2016, 11:03 AM
8
Re: Equity release
Something to think about is can you stay there for ever, there was a case in our local paper of couple who took this option but after one died the other wanted to downsize, the mess created by it all ended any hope of doing that for him and he seemed to very much regret the earlier choice.08-08-2016, 11:12 AM
9
Re: Equity release
https://en.wikipedia.org/wiki/Shared...ation_mortgageWhatever you do do not be an idiot. Only my father-but he did think he was an accountant. He had personality problems.
08-08-2016, 11:37 AM
10
Re: Equity release
Perhaps I shouldn't say too much, or as my Mum used to say; don't tell the Devil your secrets, but here goes anywayThe kids have grown up and left, we no longer have to pay anything for them, apart from the occasional present
I am retired and my pensions are OK but not huge
My wife is 59 and works part time, but her wages are quite low
We can tick over and manage like this indefinitely, but we're getting fed up of managing, we want to relax a bit!
And that includes not having to put a new tyre on a credit card instead of buying it outright; and we've been putting off having the gable end re - pointed for a couple of years now. You get the idea
Like a lot of women of her sort of age my wife is caught up in the mess of pension reform (ie cutback!). She was content to get her head down and focus on giving up work in 12 to 18 months time, but not at all happy about having to work for another 7 or 8 years
So equity release seemed a neat way of getting some money quickly, and leaving it to the kids to sort out the mess when we pop off
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