Loans for an 80 year old

Val75

Does anybody know of a way to borrow £14000 towards an operation, for husband age 87! I am 82. Own our own house, but will not do equity release. Will visit bank, we have enough income to pay back between us fairly quickly, but if one dies, more difficult.


Has anybody any information about draw down mortgages and if one can get this amount of money at our age, that can be paid off, or paid out of estate, so long as interest paid each year.


Thanks, Val

DCFC79

Val75 wrote: »

Does anybody know of a way to borrow £14000 towards an operation, for husband age 87! I am 82. Own our own house, but will not do equity release. Will visit bank, we have enough income to pay back between us fairly quickly, but if one dies, more difficult.


Has anybody any information about draw down mortgages and if one can get this amount of money at our age, that can be paid off, or paid out of estate, so long as interest paid each year.


Thanks, Val

You should have started your own thread, either on the loans board or mortgages might be more appropriate.

HappyHarry

Val75 wrote: »

Does anybody know of a way to borrow £14000 towards an operation, for husband age 87! I am 82. Own our own house, but will not do equity release. Will visit bank, we have enough income to pay back between us fairly quickly, but if one dies, more difficult.


Has anybody any information about draw down mortgages and if one can get this amount of money at our age, that can be paid off, or paid out of estate, so long as interest paid each year.


Thanks, Val

Crikey! Four and a half years ago, you were only 50! What happened?

https://forums.moneysavingexpert.com/discussion/comment/66196218#Comment_66196218

Val75

The old question was on behalf of someone who could not post themselves.
This loan is for us .


DFC79 Thank you for your kind information, will try a new thread.


Thank you

tonyh66

im absolutely no expert, but isn't a draw down mortgage just equity release by another name? Obviously thinking about while typing, you pay back on the draw down (to a point where you owe nothing), where as equity release puts a marker on the property which is paid when the house is sold.

Val75

Thank you very much for replying,we understand from a friend just now who has done it, that Draw Down, you keep your Deeds, and only get as much as you need then pay interest once a year, and can pay it back if possible. I will have to talk to her a bit more, but I think it costs a bit to set up with a Solicitor.


We have been to our bank today and gone through everything, to make sure if one passes on the other can afford to pay it back on the reduced income. We have never been in debt except for our original mortgage of course, which was paid off years ago,and it is worrying.


We have been told that if necessary the bank will loan it to us at 3.5%. So decisions have to be made now as to best course to take.


Reason for paying for op is we live in Wales and my husband requires a Transcatheter Aortic Vale replacement which ,unless you meet the criteria, they will not pay for, alternative is open heart surgery!! In England if the consultants say you should have the TAVI you get it, my husband does not meet the Wales criteria!


Thank you very much for your helpful comments.