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Is there any way to release equity.........
Norma_Desmond
Posts: 4,424 Forumite
.......on your house if you're under pensionable age? The reason I ask is that me and my husband are only (!) in our early 40s, but we have no children and no relatives that are likely to outlive us and therefore inherit our property. It got me thinking that there MAY be a way to live mortgage-free and for the house to be ours as long as we live and then pass over (excuse the pun) to a company/bank/investor. Our mortgage is fairly small in the scheme of things (45K) and the house is worth roughly £180-200K). Is this a totally mad flight of fancy.......feel free to insult my intelligence if it is!
"I'm ready for my close-up Mr. DeMille...."
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Comments
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according to this it is not usually given to under 60s as you'll likely live too long ..................what about a second mortgage
or a secured loan.......you don't say the size of your property,could you downsize thereby having no mortgage and some to spare 0 -
Thanks trafalgar; it's actually a very big, very old house and we're so besotted by it and it's position that we don't want to move - that's the thing! Don't really fancy going down the second mortgage/loan route as we're totally debt free apart from our mortgage. Oh well, one can dream!"I'm ready for my close-up Mr. DeMille...."0
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