Equity Release

EdInvestor

They should first look at downsizing to a cheaper home, using the extra money to repay debt.They should also look at whether they would become eligible for benefits at some point.Equity release may be a solution but needs considerable research.

nimagraven

Hello,

Thanks for the responses again.

We had a look into everything and they decided not go for equity release, instead we're just gonna ride through the last couple of years of the loan(s) and of course I will help out (which I've never had a problem with anyway).

We also had some good financial news yesterday (for a change) which will definitely help us out, so that'll definitely help over the next two years or so!

Many Thanks,

Sarah.

engleby

We are thinking of doing the same and as such have applied for extra on mortgage which would still only take us up to less than half of the house value. When you only got a few years to retirement you won,t always have the time ahead to pay off all debt without either consolidating and bringing down monthly payents signficantly which will make a big difference to each month or selling we don't want to sell just yet as still got dependents with us but in about 5 years time we could review situation when maybe a couple of them might have moved out or finished uni we already live a very frugal lifestyle but the onthly payemtns to cc are killing us