no money but got equitly

modernmod

My Mum (55) and Dad (72) own £36000 on their mortgage thier hojme is worth £160000, they have no means to pay off the rest of the mortgage can they sell 1/3 of the home to the bank or to some type of company, to clear the mortgage and free up some of the equitly so their can enjoy the benifits of thier investment rather than leave it the kids.

SouthCoast

From the FSA:

If you’re retired and living on your pension you may be considering equity release as a way of getting cash from the value of your home. Find out how it works.

If you own your own home and are 55 or over, you may be thinking about equity release because it could provide you with a lump sum, additional income or both. You might also consider equity release for tax-planning reasons.

In this section, you’ll find out how equity release schemes work and what you might think about before starting one.

http://www.moneymadeclear.fsa.gov.uk/products/equity_release/equity_release.html

poppy10_2

There are a lot of sharks out there, make sure you choose a SHIP-approved scheme.

http://www.ship-ltd.org/aboutship.aspx