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Release house equity
Hello, I am new here so please forgive me if this subject has been covered.
My elderly parents are in need of some funds to help my mother with some dental work she needs, but they don't have the cash.
They do however own their bungalow and would like to understand the best way to obtain a loan or release equity from the bungalow so she can have this treatment she badly needs.
We would appreciate any advise.
Thank you.
My elderly parents are in need of some funds to help my mother with some dental work she needs, but they don't have the cash.
They do however own their bungalow and would like to understand the best way to obtain a loan or release equity from the bungalow so she can have this treatment she badly needs.
We would appreciate any advise.
Thank you.
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Comments
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Welcome, if I was in your shoes I would be looking to put all my effort in raising the funds myself for my elderly parent to cover medical bills rather than looking into equity release. If that means getting into debt for a few years then so be it.
Good luck withg the outcome.0 -
This is a fraught area. Although there is better regulation than there was, it is still worth taking independent financial advice from a professional. The consequences of making a bad decision can be devastating.I used to think that good grammar is important, but now I know that good wine is importanter.0
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As far as I know, the minimum secured loan banks prepared to give is £25K. Does mum need that much? As previous posts, I also suggest to find money elsewhere.0
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Look for an NHS dentist rather than equity release.Hello, I am new here so please forgive me if this subject has been covered.
My elderly parents are in need of some funds to help my mother with some dental work she needs, but they don't have the cash.
They do however own their bungalow and would like to understand the best way to obtain a loan or release equity from the bungalow so she can have this treatment she badly needs.
We would appreciate any advise.
Thank you."We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0 -
Clive_Woody wrote: »Look for an NHS dentist rather than equity release.
Well, there are only three NHS dental charge bands, and the highest of these is £233.70.
http://www.nhs.uk/chq/Pages/1781.aspx?CategoryID=740 -
How much money are you looking for? Presumably no more than a thousand or two? But this indicates your parents must be in all sorts of financial difficulties.
Could you loan them a few £k to be paid for when they die out of their estate? This would be by far the cheapest option compared to a third party loan or equity release.0 -
As others mentioned equity release can be a minefield and your mother could be left with very little in years to come.
http://www.thisismoney.co.uk/money/mortgageshome/article-3254070/Thinking-taking-equity-release-Meet-retired-couple-pay-Aviva-135-000-spend-years-together.html0
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