Mortgage for 80 yr old?

EdInvestor

Mr_helpful wrote: »

Why do you think that the FSA made Equity release a special case?

Because advisors were flogging equity release plans and then getting the oldies to put the funds released into investment bonds.

Most old people do not like the house they have worked hard for to end up with the state or some greedy lender

As Ian says,the impression one gets it that it's the old people's children who are not keen on their inher... err, the house ending up with a "greedy lender" - the oldies themselves just want the money for their needs, now.

....other non qualified meddling dogooders.

You mean the people at the CAB?

christabell

Have you thought of contacting the CAB to ensure that your dad is getting all of the pension that he is entitled to? Is he eligable for Pension Credit, would he be allowed a home help? Try those options before going for the mortgage drawdown route.

Mr_helpful

EdInvestor wrote: »

Because advisors were flogging equity release plans and then getting the oldies to put the funds released into investment bonds.

That was in the 80s The fsa took over regulation of mortgages 31/10/2004. They have made a special case of them because they can be complex and should carry a wealth warning.



[/quote] As Ian says,the impression one gets it that it's the old people's children who are not keen on their inher... err, the house ending up with a "greedy lender" - the oldies themselves just want the money for their needs, now. [/quote]

So you are quite happy to give the state all your assets as well as the taxes you have paid



[/quote] You mean the people at the CAB?[/quote]

No I wasnt referring to them though why anyone speaks to them about benefits I will never know when you can get far more accurate free advice from the benefits people themselves.

I have tried to give sensible ideas to the OP to what is a tricky question but it seems someone who is very adviser adverse and someone else who admits he doesnt know his speaking portal from his elbow on this subject are more intent on hijacking the thread for their own personal ego's than trying to point the OP in the right direction. Namely talk to the professionals which includes the DSS.

Ian_W

Mr_helpful wrote: »

I have tried to give sensible ideas to the OP to what is a tricky question but it seems someone who is very adviser adverse and someone else who admits he doesnt know his speaking portal from his elbow on this subject are more intent on hijacking the thread for their own personal ego's than trying to point the OP in the right direction.

Erm, others are hijacking the thread -says the person who who has posted 11 of the 34 posts on this thread - Yeh, Right!

So I'm on an ego trip, so is EdInvestor, so too is MortgageMamma and Andy Wallace both of whom post as Mortgage Advisors it would seem - as both of them suggested equity release should be considered. Yep you must be right there too.

So the difference is you flog mortgages for non-greedy lenders and would [STRIKE]recommend[/STRIKE]SUGGEST an interest only mortgage with the interest being paid as and when necessary from the capital borrowed rather than income and the house can be sold after the old chaps death so your non-greedy lender can get their money back. Yep, withdraw everything I said - makes perfect sense!

Mr_helpful wrote: »

Well on your age concern leaflet they say they cannot give any financial advice on the first page so whether they have specialist knowledge is debatable.

Have you read the last few words of your signature - perhaps the same applies?

EDIT: To delete "recommend" as per your later post cos you're right.

JoeK_3

auntie brenda, you are a risk taker. One minute you want to guarantee his mortgage, then you want to invest the proceeds of a mortgage into an offset.

A lot of people got their fingers burnt in the 80's and 90's by doing what you are proposing.

What's wrong with a lifetime mortgage?

The interest rate can be fixed at say 5.99% for life and a regular income can be taken for life. This way you will be protecting him from any future fluctuation in interest rates.

Let him look after himself to the best of his abilities with the assets that he has acrued.

JoeK