advice on equity release against property

jugeared1

Hi, It's my first time on the forum. Not sure how to go about this. But I need some advice. My father has just passed away and my mother is left with an outstanding mortgage, a small loan , funeral costs to find, and needs money for some property repair. There are no savings or insurances to come.

seven-day-weekend

http://news.bbc.co.uk/1/hi/business/3040663.stm

http://www.fool.co.uk/mortgages/information/equity-release.aspx?

Hope this helps!

CLAPTON

sorry to hear about your loss,

your mother (or you on her before) need to post a statement of affairs (SoA) to describe her financial situation , including income, spending, debts and the equity of the house and details of any savings.

EdInvestor

Sorry to hear this.

I hope you or other members of the family can help with the immediate need for the funeral costs, as long-term needs involving anything like equity release should never be done in a stressful situation such as bereavement.

How old is your mother? Was your father retired and receiving pensions? Will your mother be receiving widow's pensions now?Does she receive pensions in her own right? Does she still work?

Selling the home and moving to something smaller should always be considered before equity release, as it is usually a much better option.

You're probably better to post on either the mortgages or the pensions forum for an answer to the problem when there's more info available - it doesn;t look like a debt problem really..