How do you release money from your home

babybell_2

Hi can anyone help please?? My mum wants to release some money from her house now,she has NO mortgage but does not to sell or move, she has been battling with breast cancer for 10 years now and has gone through alot, so would like to release some money from the house to enjoy holidays, new car ect. you cant take it with you so she might as well enjoy it now. what's the best way to do this?

EdInvestor

The most popular way of doing this is an "equity release" mortgage .

Info here:

https://www.ship-ltd.org

Look for one with a low interest rate and a "drawdwon" facility so she can negotiate the total amount she wants, but then only draw it down as and when she needs it.This makes the loan much cheaper.

Also watch out for redemption penalties in case she wants to remortgage in the future.

babybell_2

Thanks for this Edinvestor, have been to the site and downloaded all the info for my mum. It has some really ggod tips on it. Thanks again