Has Equity Release been missold?

Nick_C

Equity release has given your parents access to capital and it won't have cost them anything. It will have made their old age more comfortable. They are not paying anything back until the house is sold.

Of course there may be little or nothing left when they die. Is that the real problem here?

Thrugelmir

Collster wrote: »

Anyway, if I can manage to stop her berating him, some good will have come of this!

If we were all born with hindsight. Make decision making so much easier. Perhaps it was the use of the equity that's also a sore point. 15 years later, if only is to late.

Collster

Equity release has given your parents access to capital and it won't have cost them anything. It will have made their old age more comfortable. They are not paying anything back until the house is sold.

Of course there may be little or nothing left when they die. Is that the real problem here?

Did you actually read any of my posts? I've already stated that I am in favour of equity release. If you can count - or use a calculator - you will realise that it isn't the case that there would be nothing left [although to be fair, you don't know their state of health but ok, they may live to be a hundred]. But thanks for your informative contribution.

Collster

If we were all born with hindsight. Make decision making so much easier. Perhaps it was the use of the equity that's also a sore point. 15 years later, if only is to late.

Agreed and you're correct, it was a sore point for her. She never thought it was a good idea and there have been times that she has genuinely misunderstood the arrangement and I've had to reassure her that she won't have to sell the house if my stepfather predeceases her.

-taff

Collster wrote: »

I've had to reassure her that she won't have to sell the house if my stepfather predeceases her.

As long as they are joint owners, no....