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Equity release Are my parents being done?
Hello all..
My mum called me today she wants to release 150K from her house basically to help me to buy a house and to help out my younger brothers. Currently her house is worth around 3 - 4 hundred K. Some comapny called (summat along the lines of) john Lumden (???) have said they can give her 150k but when her and my dad die, they basically take my parents home in re-payment. My folks have been roped into thinking this is a great idea, 150k in their pockets and give them the house when they pop off. I am terrified that they are being done over.
What if in say 20-30 yrs when they die, what is they house isnt worth much?? Does that debt come to me??, I would be in my 60's then. If the house is worth 3-4 hun K or more, why do they get every penny of its value?
Who are these ppl and are my folks being shafted..old pensioners one of whom is a bit on the crippled side. Also surely they cant give you 150k and not get a penny back for what could be another 30 years??
I am really terrified, I have told them not to do or sign !!!!!! all until I have found more out about this, ie from you guys.
Is there a safe way to relase a large amount of equity from a house and not be shafted later?
Are they being royal shafted, or is this a new and fab thing? HELLPPPPP!!!!!!
Thank you
Sandra
My mum called me today she wants to release 150K from her house basically to help me to buy a house and to help out my younger brothers. Currently her house is worth around 3 - 4 hundred K. Some comapny called (summat along the lines of) john Lumden (???) have said they can give her 150k but when her and my dad die, they basically take my parents home in re-payment. My folks have been roped into thinking this is a great idea, 150k in their pockets and give them the house when they pop off. I am terrified that they are being done over.
What if in say 20-30 yrs when they die, what is they house isnt worth much?? Does that debt come to me??, I would be in my 60's then. If the house is worth 3-4 hun K or more, why do they get every penny of its value?
Who are these ppl and are my folks being shafted..old pensioners one of whom is a bit on the crippled side. Also surely they cant give you 150k and not get a penny back for what could be another 30 years??
I am really terrified, I have told them not to do or sign !!!!!! all until I have found more out about this, ie from you guys.
Is there a safe way to relase a large amount of equity from a house and not be shafted later?
Are they being royal shafted, or is this a new and fab thing? HELLPPPPP!!!!!!
Thank you
Sandra
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