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Parents want to raise 20k
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Wi11iams
Posts: 195 Forumite
Hi All, Hoping to get some advice for my Parents (Dad 70 Mom 55 both on disability benefits now ((most likely for life)) due to stroke and long term illness), home owners (3 bed 130k mortgage free) would like to raise around 20k for retirement spending over the next few years.
Would a re mortgage be best practice? If so what would suit best, house would probably be sold after Dad passes to repay the loan. My initial idea is an interest only re mortgage for the 20k would that be the best solution? Would there be any tax or anything they would need to take into consideration etc?
Thanks in advance!!
Would a re mortgage be best practice? If so what would suit best, house would probably be sold after Dad passes to repay the loan. My initial idea is an interest only re mortgage for the 20k would that be the best solution? Would there be any tax or anything they would need to take into consideration etc?
Thanks in advance!!
If you find my post helpful please do not click thanks, instead please send the thanks to my paypal account.:beer:
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