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Equity release help

Notebook
Notebook Posts: 296 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Mortgages & endowments
Hi
Any giudes or info on equity release from a house. Friends house worth about 250k and paid for. Both retired and looking to free up 10 to 30k
Any advice appreciated eg are there any government approved schemes etc.
Thanks

Comments

  • SouthCoast
    SouthCoast Posts: 1,985 Forumite
    No selling.
    No jargon.
    Just the facts
    about equity
    release schemes.
    from the Financial Services Authority (FSA)
    Raising money from your home

    http://www.moneymadeclear.fsa.gov.uk/pdfs/equity_release_ink.pdf
  • Notebook
    Notebook Posts: 296 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    thanks

    Nice font too!!!
  • dunstonh
    dunstonh Posts: 120,013 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Any advice appreciated eg are there any government approved schemes etc.

    Get local IFA out that can discuss them.

    The number of providers is dropping all the time and it is considered a transaction of last resort. Most IFAs will look at other options first before recommending this happens. So, it would be worth seeing if any other option is available.
    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.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    Have they fully considered 'trading down' by moving to a smaller property or one in a cheaper area? With such a small amount of cash being required, this would be much cheaper than getting an equity release mortgage - and would still leave the ER option open for later if needed.
    Trying to keep it simple...;)
  • Notebook
    Notebook Posts: 296 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    thanks for the help
  • Batchy
    Batchy Posts: 1,632 Forumite
    what about selling up and using the proceeds to rent a property?
    invested wisely could generate a reasonable return at the moment!
    Plan
    1) Get most competitive Lifetime Mortgage (Done)
    2) Make healthy savings, spend wisely (Doing)
    3) Ensure healthy pension fund - (Doing)
    4) Ensure house is nice, suitable, safe, and located - (Done)
    5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)
This discussion has been closed.
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