Help for my grandparents

boa_girl22

My grandparents are in financial difficulty and the only way they can get some money is so do one of those things where someone loans you money and when you die they take it of yor house price.

They had a woman come today for a chat and to lend 25k, they have to pay back 40k in 10 years or 80k ! in 20years !
Now i think this is madness but they are not very good with sorting things out and shopping arond so im hoping you guys can help us out.

Are there any decent companys that will give them money and take it sort it out when they die with there house? and not charge a crazy price

miggy

I don't know the ins & outs of this but it sounds a tough option - just bumping it in the hope there is someone more knowledgable than I am - or you could post again in the morning (or early evening) when there will be lots more people on line.
Glad they have you trying to help them. :T:T

Xbigman

A better choice than equity release is to downsize. Can they sell up and buy somewhere smaller? There are some really cheap over 55's flats around in some area's. If they can't, or won't consider that then maybe a relative could buy part of their home from them?

If they do go for equity release then the figures you quoted are about right (25k becoming 40k in 10 years is quite reasonable, I'd check for any fee's that might get added to this).
Don't take a first quote, shop around. Look on the mortgage board too.
Regards



X

CLAPTON

boa_girl22 wrote: »

My grandparents are in financial difficulty and the only way they can get some money is so do one of those things where someone loans you money and when you die they take it of yor house price.

They had a woman come today for a chat and to lend 25k, they have to pay back 40k in 10 years or 80k ! in 20years !
Now i think this is madness but they are not very good with sorting things out and shopping arond so im hoping you guys can help us out.

Are there any decent companys that will give them money and take it sort it out when they die with there house? and not charge a crazy price

a 25,000 loan over 10 years at 5% with no repayments would work out at about 40,000.... what would consider reasonable?

can the family help out in any way;
how much do they need?
surely a regular payment rather than a 25k lump sum might be sufficient

immoral_angeluk

If they're in financial difficulty they need to get non biased, impartial advice to help sort them out, not sales tactics from some loan company. Send them down to their local CAB who'll check their benefits and any debt issues and see what can be done to sort out their finances, without putting a price on their lives!