Releasing equity from my late father's home

gfjs26 · 23 September 2012 at 3:45PM

Hello

I was made redundant in August this year. With a big mortgage and other unsecured debt to pay, things are looking very tight.

Can anyone advise on the release of equity of my late father's house. It is in "our name" - me and my 4 brothers and sisters. They are unwilling to sell it now. But I could really do with some help and thought I might be able to draw down some equity on this?

What can people advise?

Many thanks

Mort · 23 September 2012 at 4:01PM

I think you need proper financial advice for this. My in laws looked into equity release some time ago and they said it was not straightforward, and it was just them that owned the property. Your siblings will probably have a say in if this can happen.

PasturesNew · 23 September 2012 at 4:07PM

The best way probably would be to sell your 1/5th to your brothers. You'd be unlikely to get a loan/mortgage against the house as it's not yours alone.

McKneff · 23 September 2012 at 4:08PM

Would any of them be willing to buy your share, or perhaps all ot them pay you off.

gfjs26 · 23 September 2012 at 4:12PM

Not sure. But definitely worth asking.

fil212 · 2 October 2012 at 11:05AM

Not many posting on the forum about Equity Release. I posted a couple of questions on this, specifically about the arrangements at the end of the equity release contract - no answers. Any ideas where you can get the best advice?