im worried for my mum and dad

goinggreyquick

please can you help im really worried
my parents are both accountants both nearly eighty and both still working 10 hours a day because they have to ,to survive.
my father made no provision for himself or mum in retirement either through forgetting or neglect of his own finances although he advised hundreds of clients on their retirements
they own a mortgage free house in chichester worth £350,000 and are trying to sell it but with no joy so far

please are there any mortgage release or equity management schemes available to them shortish term as when the house is sold they will both retire and move to cyprus

they are proud people that is why it is me writing this

any ideas would be greatly welcome


thanks so much
mark

IT_nerd

Hmmm. I would probably suggest knocking 15% off the asking price to get more viewings.
It it's mortgage free and they're 80, then £300K is going to let them live happy for the rest of their lives in cyprus.
And to be quite honest, your dad is probably more qualified to answer this question than most of us.

dunstonh

And to be quite honest, your dad is probably more qualified to answer this question than most of us.

Not really. He is accountant. He is no more aware of the equity release options as he is retirement planning. Its not their area of expertise. A bit of overlap in places but that's about it.

Equity release options do exist but they are not going to be particularly quick or cheap. Reducing the house price seems to be the cheapest option. It really depends on how desperate they are to move and how long they think things will take if they dont reduce. House prices could drop as much as 50%. So, holding out for that little bit more could be very very expensive in the long run.

koexelek

The main down side of an equity release plan in this instance is that there are usually hefty early redemption penalties if you redeem in the first five years.
However, Coventry Building Society used to do one with no early repayment charges. Not sure if they still do though.

dimbo61

Mum and dad are both in there 80,s and want to retire to cyprus to enjoy life in the sun !
Have they tried living out there for a month or two in the winter staying a one of those hotels that have guests for long stays.
the medical cover would be very expensive if they could even get any !
With no mortgage and both working they must have some money for holidays.
Doing a job even at 80 helps to keep the mind working and your body active
so they may be happy with longer holidays and keeping there home until the market improves. Let your mum and dad decide

goinggreyquick

thank you all for your time in responding

all good advice

thanks