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Moneyraising options for >70's
kpr
Posts: 1 Newbie
I would welcome any advice for someone wanting to raise a little capital to make life a little easier.
We are an asset-rich, cash-poor, mortgage-free, but homeowning over 70's couple who would like to raise some cash just to remove some of the stress of day-to day expense, but we would rather avoid going down the equity release route.
The only options we have been offered seem to be over very short terms and our bank does not seem interested.
Many thanks.
We are an asset-rich, cash-poor, mortgage-free, but homeowning over 70's couple who would like to raise some cash just to remove some of the stress of day-to day expense, but we would rather avoid going down the equity release route.
The only options we have been offered seem to be over very short terms and our bank does not seem interested.
Many thanks.
0
Comments
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There are a number of flavours of equity release. Might be worth a read of the Age UK article, below, to be sure what you do or don't like about each type.
http://www.ageuk.org.uk/Documents/EN-GB/FS65Equity_release_fcs.pdf?dtrk=true
The section about getting professional advice is relevant, even if you discount ER totally. Although I'd lean towards a personal recommendation, rather than risk encountering a salesman-type of advisor...Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
Could you sell your property and downsize?
When you say asset rich, what assets do you have? Just your residential property or do you have other property?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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