Equity Release - is it worth it?

moneyistooshorttomention

Huh???

The older the age (for both sexes) = the smaller the number of years left to live.

You wouldnt happen to be a man would you? - and therefore getting paid more money because of the sex your body is?

anselld

moneyistooshorttomention wrote: »

Huh???

The older the age (for both sexes) = the smaller the number of years left to live.

equally...
Being male (for the same age) = the smaller the number of years left to live.

moneyistooshorttomention wrote: »

You wouldnt happen to be a man would you? - and therefore getting paid more money because of the sex your body is?

Yes, but my wife spends it.

moneyistooshorttomention

That old chestnut - ie women live longer than men.

I rather thought latest research proves that my generation of women (ie same agegroup as OP) are likely to live very much the same number of years as men are.

The whole thing of dividing people off and saying "to the left men and to the right women" should be totally gone by now and just saying "There's one category and one category only ie people". That's how it is in every other sphere of life by now and these equity release companies are one of the last "hold-outs".

Fine - they can suit themselves - and women will vote with their feet and not take out equity release then. How come we are being prevented (in fact - if not in theory) from having this?

Actually - I've only just been reading some research results in online newspaper today saying that it's social status that makes the difference. The rich aren't living longer just because they have a better diet and better access to healthcare - they are doing so because life isn't such a struggle for them as it is for the poor.

Perhaps - if we are going to draw lines between one "person" and another "person" differentiate on basis of status and say the wealthiest will get lower payments on equity release (because the lower level of stress in their lives = they will probably have longer lives). That is only a half tongue in cheek suggestion....

GDB2222

moneyistooshorttomention wrote: »

What sex are you?

Firms are still currently paying women less than men of the same age. Hence I can't even contemplate equity release personally (being a woman) until such time as there is a law preventing them discriminating against women like this - as otherwise I'd be letting them treat me personally that way. No chance - I've got too much self-respect to allow myself to be discriminated against by getting less money than a man would.

Women live longer than men, on average. I entirely agree with you that this is unfair, and I propose an annual cull to even up the life expectancy.

westv

So which companies price lower for females compared to males of the same age?

moneyistooshorttomention

...and the thing to throw into this mix is in this day and age there are a noticeable number of people that identify as the opposite sex to the one they were born.

I think anyone that was born male and now self-identifies as female (or indeed vice-versa) might have a thing or two to say about this and I suspect (hope:)) that is what will bring down this last bastion of sex discrimination.

Thinks....must ask the one I know next time I come across her as to whether she wants to take on one of these schemes as the sex she was born or the sex she now is....

xylophone

http://www.responsibleequityrelease.co.uk/equity/releasingequityscheme.php

What are the benefits of dealing with a SHIP member?

If you are considering releasing equity from your home, you should ask yourself three key questions:

1. Do I have the right to live in my property for the rest of my life?

2. Do I have the freedom to move to suitable alternative property without financial penalties?

3. Will I receive either a cash sum or regular income payments?

If you release equity through a SHIP member, then the answer to all of these questions is guaranteed to be YES.

drcrowther

Interesting how quickly the thread turned to sex!!! - thats modern socio/political society for you, half expected someone to mention Brexit in the same breath.

My intention was NOT to provoke social comment but to solicit the views on and experience of Equity Release.
What level are the 'set-up' costs, fixed fee or proportion of house value. Anyone know what current interest rates are (they should have gone down recently). Do you have to alter your Will as part of agreement. Has anyone gone through the process and not completed, what were the reasons why?.

Rumour and rhetoric are all very well but information is key.
In anticipation of response you have my thanks.

jimbog

Have you thought of just downsizing as and when you need to?

NeilCr

drcrowther wrote: »

Interesting how quickly the thread turned to sex!!! - thats modern socio/political society for you, half expected someone to mention Brexit in the same breath.

My intention was NOT to provoke social comment but to solicit the views on and experience of Equity Release.
What level are the 'set-up' costs, fixed fee or proportion of house value. Anyone know what current interest rates are (they should have gone down recently). Do you have to alter your Will as part of agreement. Has anyone gone through the process and not completed, what were the reasons why?.

Rumour and rhetoric are all very well but information is key.
In anticipation of response you have my thanks.

To be honest why not just get a few quotes? You don't have to act on them. This is, at least, quite an individual thing so you'll see figures that relate to you

Alternatively, and I helped a friend with this, go and see a financial adviser and talk through all the alternatives with them. They might have options that you haven't thought about.

@jimbog.

I don't know about the OP but I love my little house. It suits me down to the ground and is perfectly situated. In my case, anyway, downsizing would be the last option. I appreciate you are making a suggestion - indeed, my friend (see above) has chosen that course of action