Any other types of equity release?

montycat125

Hi, I separated from my husband back in september, and am living in our joint mortgaged property with my three children. He is desperate for me to put the house on the market as he wants his side of the equity to pay off his debts. He is living with his new girlfriend, so it is me and the children who will be out searching for a rented property when the house is sold whilst he is comfortable. Is there any way I can keep the house, whilst releasing some of the equity. I thought of equity release but this is only available to over 55s. We are both in our 40s. Neither of us can afford to take on the mortgage individually or buy each other out. Any suggestions of what I could do please?

Mips

At age 50 you can do a home reversion.

If your husband is on the mortgage, and 50 years old.. the younger partner can be as young as 45.

I hope that makes sense.

I know you are both in your 40s though...

The other option would be to sell and rent back...

silvercar

He may want his equity but he also has a responsibility to his children. Many divorce settlements allow the parent with responsibility for the children to remain in the home until the youngest child is 18.

I think you need advice on this. A friend is in her home with the kids and her ex is entitled to 30% of the equity when the eldest reaches 18. As house prices fall she is hoping that she can afford to remortgage at that time. At the moment she can't afford the mortgage increase.

montycat125

Thanks Dippychick. I've just seen a website called rentback-helpline which looks interesting. They can give up to 80% of the value of the home and then I rent back. I think I will enquire out of interest, but cant see ex going for it as he would want as much as he can get. Although if hes desperate, it might be an option. will let you know how I get on.

montycat125

Thanks Silvercar. Thing is if he doesnt pay off his debts, he cant afford to pay me maintenance, so would lose the house that way anyway. So no option but to sell it, or try this rent back scheme.

Met_Bobby

montycat125 wrote: »

Thanks Dippychick. I've just seen a website called rentback-helpline which looks interesting. They can give up to 80% of the value of the home and then I rent back. I think I will enquire out of interest, but cant see ex going for it as he would want as much as he can get. Although if hes desperate, it might be an option. will let you know how I get on.

For goodness sake don't go near this. Rip Off Rip Off RIP OFF!

How are these people are allowed to steal from vulnerable people? Go to CAB if this is a genuine post and not just trying to promote these 'stains on the handkerchief of humanity'. There is help for real people if they ask.

montycat125

Met Bobby this is a genuine post. Im seriously stuck as to what to do. Ive been to cab, and they say the best option is to sell the house. Obviously I want me and my children to stay but looks like I will have to give in to ex and sell and rent elsewhere. Do you have evidence that this particular company is a rip off, because although they may not give the full value of the property if they can rent it back at a reasonable rate, then surely this is a viable option as would do anything to keep my home.

Met_Bobby

Okay, If this is genuine then tell him that you are staying put for the time being and will not be selling. Go to see a family lawyer and explain the situation. A good lawyer will take care of this without any difficulty. Make sure that you keep up your mortgage repayments or speak to the lender if you are having problems.

You have plenty of time on your side. Don't rush into anything and don't be pushed into anything. He has made his bed and you and the children don't need to suffer because of it.

montycat125

Thanks but Hes still paying the mortgage on the property. That's his 'maintenance' as such, and hes threatening that if I dont put the house on the market then that will stop as he doesnt have enough money to pay that anymore. Just though that if I could get some kind of equity release out of the house, it would take the pressure off him wanting me to sell it.

poppy10_2

montycat125 wrote: »

Thanks Dippychick. I've just seen a website called rentback-helpline which looks interesting.

Please, whatever you do, avoid these kind of sale and rent back schemes. they are scams, pure and simple.

poppy10_2

montycat125 wrote: »

Thanks but Hes still paying the mortgage on the property. That's his 'maintenance' as such, and hes threatening that if I dont put the house on the market then that will stop as he doesnt have enough money to pay that anymore. Just though that if I could get some kind of equity release out of the house, it would take the pressure off him wanting me to sell it.

You need to see a solicitor and get a formalized maintenance agreement. Find out how much he has to pay you each month and then add that to your own wages to see if you can afford to take over his half of the mortgage.