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release equity from your home
craig0069
Posts: 3 Newbie
Hi people i was hoping somebody could help me out
My mother is finding it difficult living in her house,she cant keep up with the bills ect,she has no morgage as it was paid off when my dad died.
She is thinking of releasing equity from her home.Can anybody advise me on this.
Thank You so much Craig
My mother is finding it difficult living in her house,she cant keep up with the bills ect,she has no morgage as it was paid off when my dad died.
She is thinking of releasing equity from her home.Can anybody advise me on this.
Thank You so much Craig
0
Comments
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Would she be better selling and buying somewhere smaller? That way she gets some cash, gets a property that is cheaper to run and retains ownership.
I presume she is physically capable of maintaining a home.
How old is she?0 -
Hi thanks for replying my mum is 56 & she is able & well
The problem is idont think she wants to move house
thanks craig0 -
At 56 she is far too young to 'release equity'. She will end up eating her way through the money and need another tranche released and another, ultimately removing her freedom to move house ever.
Does she have credit already? This may be the root of her problem. At 56 you need to be well on the way to being free of the cards.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
As Dvardy says.... She won't raise much as she's too young, and she'll lose a lot of flexibility.
If she wants to investigate equity release further, she should talk to one of the SHIP (safer home income plans) registered companies.
Sorry about your dad.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Here's a linky http://www.ship-ltd.org/No reliance should be placed on the above! Absolutely none, do you hear?0
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Thank You for all your replies,i will talk with my mum try to see if she will move in to a smaller house it seems like the best option
thanks craig0
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