Release funds from my house

hrpuffnstuff

Hello
I'm 84 (just) small mortgage equity is about 130K
I need to release about 50K from my home
I have a good income as I'm widower, so if I have to take a loan I can afford repayments
I dont want to sell, as I'm going to rent my house out and live with my son in Asia.
(I want to leave inheritance) and have an additional income from the rental.
I'm too old for personal loan
I been looking at HOME OWNER LOANS (approx 4.8%) but when my son tried to fill out the form there is no birth date to select for my age (too old again I guess)
My son cant get credit here in the UK
So it looks like I'm left with
LIFE TIME MORTGAGE
EQUITY RELEASE (Approx 6%)
We have read a lot about all the variables open to me, and are now getting confused, but it looks as if I should pay the interest on any loans.

Do i still have to pay the mortgage I have with the house if I take out an Equity loan or do they put that onto the money I want to release?

Thanking everyone for their help

Tixy

You would probably be best getting specialist advice on this and what type of product may be suitable as its a major decision which could have significant consequences.

If you do keep the existing mortgage, or any new mortgage product you will need to ensure you get consent to let your property out.

dealer_wins

I thought people over 80 cannot be lent funds as everyone from them to their 3rd step son in law cries "MIS-SOLD"

PeacefulWaters

Why not just sell?

CLAPTON

if you have a good income why do you need a loan?

CKhalvashi

Tixy wrote: »

You would probably be best getting specialist advice on this and what type of product may be suitable as its a major decision which could have significant consequences.

If you do keep the existing mortgage, or any new mortgage product you will need to ensure you get consent to let your property out.

Seeing someone with details of your exact circumstances would be my advice too.

There probably are specialist products out there other than those mentioned, but I have no idea what they are/will be.

CK