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05-03-2020, 08:18 PM
11

Re: equity from your house

Originally Posted by realspeed ->
Dood

If that wsas the case surely moving would be the answer to release cash from the sale of the house and no company would have a claim against your estate

That is what Sue and I basically did when we sold the kennels. That release enough money to buy this place and also have some financial stability to live on
Some people have just been in the same house for too long, are old and can't handle the upheaval of moving.
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05-03-2020, 08:22 PM
12

Re: equity from your house

Some people in later life must get beyond what makes long term financial sense.
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05-03-2020, 08:26 PM
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Re: equity from your house

Originally Posted by d00d ->
Some people have just been in the same house for too long, are old and can't handle the upheaval of moving.
Staying in one house for a long time, erm not a good idea in my opinion
buying and selling houses ,we have done it 5 times in 48 years , is the best way to acrue capital we have found.

Staying in one house can only increase in value to the local area. OK at the start but later on you are still stuck ikn the same position.
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05-03-2020, 09:03 PM
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Re: equity from your house

Originally Posted by realspeed ->
LQ

If you think about it and use the money to improve your home to make it worth more, that means they can claim more on death on money you borrowed from them in the first place
If you're dead, I don't think you'll bothered about that .....
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05-03-2020, 09:04 PM
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Re: equity from your house

Originally Posted by Omah ->
If you're dead, I don't think you'll bothered about that .....
I think that's what I was trying to say.
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05-03-2020, 09:14 PM
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Re: equity from your house

Originally Posted by d00d ->
I guess it could work for some people, not that I've really thought about it ...

Say, you have a £M tied up in your home, it could be a pretty modest place, you don't get much for that in London nowadays. You couldn't bear the thought of moving, you need some cash, you are struggling to survive on a measly pension, you don't have family to leave money to (or you'd rather they made their own way in life) ....
That's, IMO, a common scenario .....

There are pensioners with a million pounds or more tucked away in offshore investments or in receipt of a £100k pa pension but not many of the ones I meet .....

Houses need repairs and repairs aren't cheap so equity release, in some circumstances, may be appropriate to fund those repairs without any cost to the house-owner .....
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05-03-2020, 09:16 PM
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Re: equity from your house

Originally Posted by d00d ->
i think that's what i was trying to say.
.....
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06-03-2020, 01:01 AM
18

Re: equity from your house

Originally Posted by d00d ->
Some people have just been in the same house for too long, are old and can't handle the upheaval of moving.


That is true, dOOd.
My poor old Mum was like that.

She was rattling about in a huge old stone property, cost a fortune to keep warm, but she couldn't face the hassle of moving.


However, a friend of mine did an equity release scheme several years ago, and doesn't seem to regret it in the least.

Personally, I have to seek an awful lot of advice before I decided what's best.
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06-03-2020, 05:25 PM
19

Re: equity from your house

Originally Posted by realspeed ->
LQ

If you think about it and use the money to improve your home to make it worth more, that means they can claim more on death on money you borrowed from them in the first place
Yes, it's a win win situation for the equity release companies. The adverts saying improve your home with the money they "lend" really annoy me - it's a con. Unless a person absolutely has to I would not touch equity release with a barge pole either. Better to get a smaller amount with a bank loan IMO.
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06-03-2020, 05:28 PM
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Re: equity from your house

Originally Posted by Omah ->
That's, IMO, a common scenario .....

There are pensioners with a million pounds or more tucked away in offshore investments or in receipt of a £100k pa pension but not many of the ones I meet .....

Houses need repairs and repairs aren't cheap so equity release, in some circumstances, may be appropriate to fund those repairs without any cost to the house-owner .....
But there is quite a cost to the owner. The equity release companies not only gain from the loan -they also gain when a person uses the money to maintain or enhance the value of their own home. As I said before, a win, win situation for them all round.
 
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