Equity Release

[BILLERICAY BLUE]

Need some advice for a an elderly friend. Has anyone here had experience of an Equity Release scheme. Does any one know of a reputable company that could help in this. What are the upsides and downsides.

All advice gratefully received.

Thanks in advance guys.

 

[steveo]

My Mum was going to do it after my Dad died. The adverts make it sound great but at the end of the day they are making a fair bit of money out of it.

In the end I convinced her to sell downsize to a smaller house and take the equity from that. I am not an expert, but I would say try and avoid it if at all possible.

There should be a few experts along shortly to advise you.

 

[Stats]

BB

Tell your friend to avoid that like the plague, as Steveo said above its sounds rosey on the adverts but when they actually give you the figures what you'll get is really not worth it.

Downsize and release the equity that way or alternatively if they want to leave some money to relative and stay living in the same house, remortgage it with one of their children on the mortgage as well as them.

 

[BILLERICAY BLUE]

Cheers for the advice guys. I assume DtS is going to be the main man for this.

 

[McNasty]

Equity Release is best for old people who don't want to move and who have no immediate relatives to leave their money to.

Make sure any company you deal with (if you do) is SHIP registered as they are self-regulating.

 

[BILLERICAY BLUE]

Equity Release is best for old people who don't want to move and who have no immediate relatives to leave their money to.

Make sure any company you deal with (if you do) is SHIP registered as they are self-regulating.

Thanks Ken