Equity Release Cunundrum!!

Mustbeananswer??

Andy_Wilson_FS wrote: »

In your defence, many parents of middle aged children would rather like to help them financially when they are still alive rather than when they have died. Many agree with the saying 'A gift is better given from a warm hand'.

Hope this helps.

Wow Andy....thanks....

At last somebody replying to the post in the spirit it was started....restored my faith in human nature....:beer::beer::beer::beer::beer::beer:

atush

Sorry, but i didn't want a fight so skipped over once it got a little nasty.

No, you can't do equity release when you dont' won the property outright.

2, you could seel to yoru siblings, have them buy you out.

3, better yet, move in. Your mother's gift won't stay out of her estate if 7 years dont' pass before she dies. If you live there, it will save yoyou money to pay off debt, and you will save CGT when the house is sold after her death as you will have principle resisidence relief.

4- you need the Mortgage free board or the Debt board. You post an SOA and we all help you chisle your way out of debt, but better yet reform your spendthrift ways.

Only then will you find yourself out of the trap you are in.

margaretclare

Atush, I have to smile at your posts. They're so refreshingly down-to-earth, factual and practical. 'Tell it as it is' - I love it.

This discussion only got 'a little nasty' because of the OP's description of himself as a 'spendthrift' and then his dislike of having this term batted back at him.

Maybe we should have gone 'there there dear' and it would have been all hunky-dory.

Not a chance.

atush

margaretclare wrote: »

Atush, I have to smile at your posts. They're so refreshingly down-to-earth, factual and practical. 'Tell it as it is' - I love it.

This discussion only got 'a little nasty' because of the OP's description of himself as a 'spendthrift' and then his dislike of having this term batted back at him.

Maybe we should have gone 'there there dear' and it would have been all hunky-dory.

Not a chance.

no there there margaret, I was just thinking what all of you were thinking and couldn't bear to read anymore lol.

I get into trouble in the pension and savings boards for saying what I think lol.

atush

Mustbeananswer?? wrote: »

Wow Andy....thanks....

At last somebody replying to the post in the spirit it was started....restored my faith in human nature....:beer::beer::beer::beer::beer::beer:

Well I tried to help yo but have had no reply.

If you get the money out of this house right now, in a few years (if even that long) you will be back to square one.

Do what I proposed, and move in with mom and slam your debts to zero and start living a new non spedthrift life. That way when you do inherit, the money will hang around.

Case in point my brother and sister. Boith like you, hopeless with money and one was an addict. Both inherited around 100K frm my mothers estate. Both spent it w/in a year-18 month tops. My sister went on to lose her house. I am not sure where my brother is, if he is still alive I assume he is under a bridge somewhere living in a box.

Think about it.

Margaret, am I being too truthful?;)

margaretclare

atush wrote: »

Well I tried to help you but have had no reply.

If you get the money out of this house right now, in a few years (if even that long) you will be back to square one.

Do what I proposed, and move in with mom and slam your debts to zero and start living a new non spendthrift life. That way when you do inherit, the money will hang around.

Case in point my brother and sister. Both like you, hopeless with money and one was an addict. Both inherited around 100K frm my mothers estate. Both spent it w/in a year-18 month tops. My sister went on to lose her house. I am not sure where my brother is, if he is still alive I assume he is under a bridge somewhere living in a box.

Think about it.

Margaret, am I being too truthful?

No, you're not. I am like you - have been criticised not too long ago for 'saying it as it is'. I get exasperated with some of these people. It's hardly credible, some of the stuff you read on here. OK, Martin says 'be nice to everybody'. It's possible to be too nice and not get your point across.

Over the years I've seen it all, have had a lot of ups and downs with money, seen people who were poor but their pride was such that they owed no one a penny. Seen people who went through fortunes like a hot knife through butter. Seen people who deserved help because they were trying. Seen people who thought the world owed them a living but who were the first to shed tears when they didn't get what they thought they were owed.

I've been asked recently 'what are you saving for?' Well, I don't know. I like saving. I've gone back to what I was taught as a 5-year old. I have all I need at present, but there might come a day when I need my savings. And that's the principle I grew up with.

Rockporkchop

OP why don't you sell your own house, pay off all your debts and then rent a property to live in. You will then have no debt, a decent sum of £30k or more in the bank plus your salary to tide you over until you draw your pension. I don't get this fixation with equity release, you might as well sell up and rent rather than give your house away to one of these companies.

Mustbeananswer??

margaretclare wrote: »

This discussion only got 'a little nasty' because of the OP's description of himself as a 'spendthrift'

Don't get it me.....Whats the problem with being honest about yourself!!Theres a lot of worse things I can be!!!;););)


I've addressed the problem another way....Renting out my property!!


I live 2 hours away from Mum and she has been really poorly recently...I've made the journey a number of times to help with her care recently...quite a lot going on in my life.


Maybe not so much in yours.....Hence the time to scroll forums looking for a word that annoys you and blowing it all out of proportion.Suggest you get a life!! :p

margaretclare

Fortunately, I do have a life, and have no need to 'scroll through forums' etc etc. I just have never come across anyone before who blatantly and shamelessly describes himself as a 'spendthrift' and in the same breath, asks for help/advice. I have, however, met people before who ran through their own resources in quick time and then had their eyes on their nearest and dearest's resources, as though they had a God-given right to them. I have no time or sympathy for such people and, if they were anything to do with me, I would see that they never got a penny-piece of mine either now or in the future.

atush

Must,

I think oit was spendthrift + the wanting to take money from your elderly mothers house that got to most here.

Yes, you were truthful! But no, you shouldn't do it (even of you could). Equity release in general is not to be recommended. and equity release that may be p***ed away is even worse. Like M, I have had to much experience with spedntrifts who waster their own money and then want to prey on relatives.

I respect that you came here to ask, but fear the answer to your OP is no as I can't see how you can do this in your situation.. but i still feel that asking your siblings to buy you out would be best for everyone.