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Lifetime mortgage equity release

edited 30 November -1 at 1:00AM in Over 50s Money Saving
2 replies 925 views
freya18thfreya18th Forumite
247 Posts
Part of the Furniture 100 Posts Combo Breaker
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edited 30 November -1 at 1:00AM in Over 50s Money Saving
As anyone had any dealings with equity release lifetime mortgage and if so is there any info you can give about different leanders. We have got the leaflets from age concern and help the aged.But the info from someone who has one would be most helpful.:think:

Replies

  • margaretclaremargaretclare Forumite
    10.8K Posts
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    Hi Freya

    We did this 3 years ago. In addition to the leaflets you've got, have a look at the SHIP website - https://www.ship-ltd.uk (SHIP = safe home equity plans).

    Going down this route is usually considered a last resort, because the interest rolls-up during your lifetime and is paid off following the death of the second survivor, when the property is sold. 'Downsizing' i.e. moving to a smaller house is usually considered to be the first idea you should think of.

    The reason we did it was that we still had a mortgage which would have continued until we're 83. Although we could manage the £260 a month quite easily, we could think of better uses for the money. Also downsizing wasn't really an option for us - you can't downsize much from a 2-bedroom bungalow, and we've spent a lot of time, money, thought and effort into making this place as convenient and easy-care as possible.

    I've also heard of people selling their property and moving into a rented sheltered flat with the local authority. There are a lot of different options and you need to think seriously about what you want - how you see your lifestyle over the next 20 years or so, and what choices you want to make to achieve your aims. It's a serious choice to make - you need to be sure of what you want.

    Best wishes

    Margaret Clare
    [FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
    Before I found wisdom, I became old.
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