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Equity loans/lifetime mortgages
drspock
Posts: 6 Forumite
New to this forum so please accept apologies if I have posted on wrong thread.
I am considering raising some money via equity in house to give to son so that he can put a deposit down on a house.
I have examined every aspect, re interest paid, upto and including possibilty of local council taking house in event that I end up in long term care.
Looked at other ways of raising capital , ie downsizing etc but not viable in our circumstances.
Is there anybody out there who has experience of this or who can give me there thoughts on this ,I would be most grateful.
I am considering raising some money via equity in house to give to son so that he can put a deposit down on a house.
I have examined every aspect, re interest paid, upto and including possibilty of local council taking house in event that I end up in long term care.
Looked at other ways of raising capital , ie downsizing etc but not viable in our circumstances.
Is there anybody out there who has experience of this or who can give me there thoughts on this ,I would be most grateful.
0
Comments
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Do a search using the words 'equity release' because this has been discussed many times before.
We did this but not for the same reason - we had a mortgage which would have lasted until we're 83, and we used an equity release lifetime mortgage to 'pay it off' (yes, I know it's not really paid off).
Margaret[FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
Before I found wisdom, I became old.0
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