equity releas/lifetime morgage

ellens

I am 56 years old, and have one 15 year old daughter and one 20 year old son pretty much still dependant on me. My husband died suddenly some months ago without estate.
I have no savings.
I recently heard of the above cash release schemes - Age Partnership and thought it sounded a good way for me to get some finances to help me out of current difficulties, help my children, gain a little piece of mind and to stay in the house that my daughter and I feel safe in.
Based on the house value of £210,000 They give me an instant on line quote of £39,600.
I would dearly love the piece of mind and security it seems to offer.
I would be very grateful for advice on this matter.
Please do not suggest moving to a smaller house and using the extra money as we have had enough to deal with since my husbands death.
Thank you

toonfish

OK - you need to consider this carefully. Very few lenders will lend to you at age 56 on an equity release basis and the only one I can think of from the top of my head charges monthly interest i.e. you have to make repayments. If this is the case then you would be better off taking a conventional mortgage. Generally the fees and rates of interest would be lower.

Are age partnership charging any fees for arranging this?

I'll post on here again on Monday, when I've had a chance to look at it properly.