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Equity Release
Chevvy
Posts: 7 Forumite
Hi
Does anyone know if it would be possible to organise equity release for a house that my wife owns but her mother is living in rent free until she either dies or moves on. My wife would like to release a smallish part of the equity to help her mother out and also to replace her car. The house is paid for in full and her mother is aged 80 years and my wife is aged 57 years. No one seems able to answer this and I am getting various answers from various people.
Chevvy
Does anyone know if it would be possible to organise equity release for a house that my wife owns but her mother is living in rent free until she either dies or moves on. My wife would like to release a smallish part of the equity to help her mother out and also to replace her car. The house is paid for in full and her mother is aged 80 years and my wife is aged 57 years. No one seems able to answer this and I am getting various answers from various people.
Chevvy
0
Comments
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As long as the mum is prepared to sign a deed of consent ( agrees to vacate the house when the lender wants to sell it after your wife has dies), I can't seeing it be a problem.
You would not be able to lend much based on age 57 thoughI am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
As long as the mum is prepared to sign a deed of consent ( agrees to vacate the house when the lender wants to sell it after your wife has dies), I can't seeing it be a problem.
You would not be able to lend much based on age 57 though
Thank you for your help. Can you point me to whom I need to go to get further information please?
Chevvy0 -
Just re-reading your post, you say your wife owns the property, but her mum ISN'T on the deeds ?
If that is the case, I don't think you could do an equity release, as they all seem to need the owner of the house to live in it .
Sorry for the missunderstandingI am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Can you point me to whom I need to go to get further information please?
An IFA that transacts in this area.
Is the house the mum lives in originally hers? or has it always been your wifes?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
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