Equity Release or Mortgage ???

Diode

I am hoping to get some suggestions on how to help my father out of the situation he finds himself in. He is aged 90 and lives in a house with my mother aged 86 with an approx value of £1m.without a mortgage. He is the classic cash poor asset rich person and would like to release equity from the value of the house. I have heard there are a lot of pit falls when it comes to equity release, and would appreciate any suggestions on where to go for advice. The other option is to get a mortgage on the property, but with his age would this be possible? Any suggestions much appreciated.

[Deleted User]

Could they downsize their property?

ie sell up and move somewhere smaller and cheaper, thus releasing the cash?

Diode

Yes they could, but they are at the age where they don't want to go through the hassle of moving

Wh05apk

They would have no problem releasing equity, either as a lump sum or they could take a monthly income or a bit of both.

With regards advice, they/you will need to do some research to find a broker with lifetime mortgage qualifications, if you have used a broker in the past, they may be able to refer you to someone qualified.