Questions about lifetime drawdown mortgage/equity release

CluelessJock

If your dad enters in to any deal irrespective of how good it is it will have costs from day one, even if you and your husband cover those costs they still exist.

I understand you wanting your dad to enjoy his life and would suggest he can without any drawdown mortgage or equity release.

You say your dad has £12K in savings that he is keeping for a rainy day (which may never come by your dads definition). You stated you are willing to help him financially should he need you. I would suggest he uses this offer as the rainy day safety net and utilises his savings to enjoy. It's the old heart versus head issue.

This is how most folk of your dad's age I know work.

I think your challenge is convincing your dad, that given recent events, the rainy day he saved for has arrived.

There is simply no need to incur additional costs at this time.

As the years pass you can revisit as necessary.

Best of luck.

CJ