Best way to release equity from a home?

catfish50

Annisele wrote: »

Do you really want to risk your parents' security in their retirement so you can buy a house faster?

The answer to that question is obviously yes. Otherwise there wouldn't be so many recurring threads on MSE from adult children wanting money out of their parents' home.

dorset_nurse

Crazy. Everyone seems to think they are owed things without working for them. Society has gone mad; fighting over council houses, benefits system, and people expecting their parents to help them out just as they are reaching retirement and should be enjoying life.
What happened to working your socks off and watching your savings tick up and your mortgage tick down?!

GlynD

There's nothing new in what the chap suggests. Parents have been helping their kids since Adam in the Garden of Eden.

catfish50

GlynD wrote: »

There's nothing new in what the chap suggests. Parents have been helping their kids since Adam in the Garden of Eden.

I think you'll find that Adam got evicted through his own actions, not because his home was mortgaged by his kids.

GlynD

Regardless: parents have been helping their kids since that time. This is nothing new and the chap doesn't deserve to have people putting their foot on his neck just because he seeks a little "friendly" advice.

catfish50

GlynD wrote: »

Regardless: parents have been helping their kids since that time. This is nothing new and the chap doesn't deserve to have people putting their foot on his neck just because he seeks a little "friendly" advice.

The difficulty is, that he's seeking advice about mortgaging property that isn't his.

GlynD

Where in the forum rules does it say that we, as posters, are here to judge anyone? Is there anything wrong with being friendly?

catfish50

GlynD wrote: »

Where in the forum rules does it say that we, as posters, are here to judge anyone? Is there anything wrong with being friendly?

If you think the forum rules have been broken, best course of action is to report it to forumteam@moneysavingsexpert.com

puddy

interesting thought that members of the aristocracy and upper middle classes are quite open about inheriting and knowing what will come to them and getting advances from time to time.

the other side to the argument of 'whats wrong with working for what you;ve got',, well it could be said that the baby boomers didnt work for what they got.. extremely high house price inflation... they just got lucky and now its the next generation who are effectively paying for it

but i agree, i wouldnt ask or expect that my parents give me money out of their house. theres no guarantee that the house will still exist anyway if they need care

ukcarper

puddy wrote: »

interesting thought that members of the aristocracy and upper middle classes are quite open about inheriting and knowing what will come to them and getting advances from time to time.

the other side to the argument of 'whats wrong with working for what you;ve got',, well it could be said that the baby boomers didnt work for what they got.. extremely high house price inflation... they just got lucky and now its the next generation who are effectively paying for it

but i agree, i wouldnt ask or expect that my parents give me money out of their house. theres no guarantee that the house will still exist anyway if they need care

I’m not sure I agree with you unless you sell your house high hpi makes little difference and depending on when you bought the high hpi you talk about might not be as high as you think. If the parents are prepared to take equity release, I personally wouldn’t do it, but I see no harm in it as long as the children realise that it is their inheritance going down the drain.