We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
M'gage soon paid off. Equity release?
Options
Comments
-
If you go for the option where you sell them the house but you are allowed to live in it until you die or go into care, surely there is no interest building up ?
That is only one type of equity release. Some types, the interest does roll up.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Firstly, if their income is low I suggest you post on the Benefits board and ask for help there. Any equity release will count as capital so will reduce benefits.
A second suggestion, you and your siblings will inherit the house some time. Why not do an "in family" equity release if you have some spare income, and make a "gift" to your parents of a certain amount monthly, or a lump sum, to be repaid out of the house value when your parents finally pass on. This could be done interest free, or at low notional interest.0 -
Ah, no, luckily there has been a law brought in to stop that (loan amount exceeding house value) from happening. It used to happen though, I believe.
I have advised that they speak to a financial adviser who specialises in it.Not yet a total moneysaving expert...but im trying!!0 -
Harry's Dad- That is EXACTLY why I post on forums, for ideas/advice like that. Thank you so much for that. What a great idea!Not yet a total moneysaving expert...but im trying!!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards