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Equity Release Mortgage-HELP!
Jacaranda48
Posts: 3 Newbie
Hello-I'm new to all this. 
My mother has an equity release mortgage on her property. She only borrowed about £15,000 originally for various home improvements in 1992-4. This has now mounted up to nearly £50, 000.:eek: I am her daughter who is looking after my mother's best interests now that she is in a nursing home. The property is rented and has been for many years and all monies are used to help pay her fees. I have come into a little money and would like advice on whether: a)Would I be allowed to pay off this mortgage and put myself down as a percentage owner of the property? b) Would I be allowed to turn the Equity mortgage into a normal mortgage using my own property as collateral - I no longer have a mortgage on my own property and am self employed. 
I have power of attorney to cover any legal paperwork as my mother is unable to do anything of this nature herself. Thanks-help is needed urgently before this amount rockets any more-the building society have been unhelpful since I asked for their advice in 2006!
My mother has an equity release mortgage on her property. She only borrowed about £15,000 originally for various home improvements in 1992-4. This has now mounted up to nearly £50, 000.:eek: I am her daughter who is looking after my mother's best interests now that she is in a nursing home. The property is rented and has been for many years and all monies are used to help pay her fees. I have come into a little money and would like advice on whether: a)Would I be allowed to pay off this mortgage and put myself down as a percentage owner of the property? b) Would I be allowed to turn the Equity mortgage into a normal mortgage using my own property as collateral - I no longer have a mortgage on my own property and am self employed. I have power of attorney to cover any legal paperwork as my mother is unable to do anything of this nature herself. Thanks-help is needed urgently before this amount rockets any more-the building society have been unhelpful since I asked for their advice in 2006! 0
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