Equity Release Cunundrum!!

moonrakerz

bendix wrote: »

What would Maslow make of it all?

The same - except the pyramid would be upside down !

bendix

Can't the kids (if offspring in their 50s can be called kids, but let's not go there) simply kick the mother out onto the streets and sell the house from under her? Surely that's the simple way of doing things? And, let's face it, more honest.

Annisele

Mustbeananswer?? wrote: »

Whilst they have their Mortgages paid off I don't think they have that sort of cash laying around....

They don't necessarily have to have the cash "laying around"; they might be able to borrow against the value of the house. However, I don't see much benefit in that scheme for either your siblings or your mother.

property.advert

If I were one of the siblings who wasn't in such a mess, and the property is truly held in the 3 children's joint names, I might potentially be interested in buying your £100k share for say £25k.

bendix

Now there's a good idea. Tell you what OP, I will buy your share of the place for £26000. Deal?

I can't guarantee I won't kick your mum out though, and instead put 8 polish families in my third of the place to get a decent return.

Loughton_Monkey

To get factual, rather than pass (well deserved) judgements, the answer is in the question.

Equity release is only available to the owner/occupier of the house. You and your siblings appear to be the owners. Your mother is the occupier.

So forget equity release and try some other sure fire way of getting money like Stock Market investing, Gambling, or perhaps selling double glazing to old ladies, who don't need it, in your spare time.

property.advert

bendix wrote: »

Now there's a good idea. Tell you what OP, I will buy your share of the place for £26000. Deal?

I can't guarantee I won't kick your mum out though, and instead put 8 polish families in my third of the place to get a decent return.

Lets not get into a bidding war though. Remember that old French woman who sold her flat to an investor when she was 70 or something and then she went on to live until 126 !

catfish50

Mustbeananswer?? wrote: »

My Mother haa a house that would be valued at £300,000.There is no outstanding Mortgage.It is signed over jointly to the three of us.

Why was the house signed over, and when? I think it's 7 years before you can escape the house being sold by the council if care is required. I could be mistaken.

Sounds like you could manage without making demands on your mother or siblings for help. Wouldn't that be the self-respectful thing to do?

bendix

catfish50 wrote: »

Sounds like you could manage without making demands on your mother or siblings for help. Wouldn't that be the self-respectful thing to do?

Hahahahahahaha. No . . . . really . . hahahahahaha

This is Great Britain 2011, remember?

catfish50

bendix wrote: »

Hahahahahahaha. No . . . . really . . hahahahahaha

This is Great Britain 2011, remember?

I guess what you mean is that you think my suggestion was naive.

I think I can live with that.