Equity release at 50 yrs

Ruthbelchamber

Im in a short term situation of needing some money. I am in a temporary job, looking for permenant. I am 50 yrs old. I am recieving 17,000 T the age of 55 and i am going to equity release on my home. I have no children to leave myhome to so i intend to spend it.ijust need some money till then. Howcan i go about this?

jonesMUFCforever

From what I can gather from Google you seem to have to be at least 55 years of age before you can get equity release.
Why not sell the property and buy somewhere cheaper

My info got from http://www.equity-release-centre.co.uk/faq/qa-35--is-there-a-minimum-age.htm

PeacefulWaters

Are you saying you want to borrow money secured on your home and repay it on retirement?

Difficult if you're in temporary employment.

Herzlos

Are you able to remortgage or downsize?

Ben8282

It looks from what has been posted above that you are too young for equity release, but even if it was possible I think that it would be a mistake for you at age 50.
Your post is not really very clear. Are you saying that you are going to receive £17,000 in 5 years time from somewhere but need that money now?
I assume this £17,000 is in addition to the intended equity release.
You could try taking out an interest only mortgage. If you have a substantial equity then this may be possible even on a low income from temporary employment but be very careful you can make the repayments whatever happens because you don't want to end up having your home repossessed.
If you could give some idea of what you actually need this money for perhaps some other ideas will come to mind.
I also don't think that taking equity release at age 55 and spending all the money is a good idea. What are you going to live on at age 65? 75? 85? if you do this?

jonesMUFCforever

Ben8282 wrote: »

It looks from what has been posted above that you are too young for equity release, but even if it was possible I think that it would be a mistake for you at age 50.
Your post is not really very clear. Are you saying that you are going to receive £17,000 in 5 years time from somewhere but need that money now?
I assume this £17,000 is in addition to the intended equity release.
You could try taking out an interest only mortgage. If you have a substantial equity then this may be possible even on a low income from temporary employment but be very careful you can make the repayments whatever happens because you don't want to end up having your home repossessed.
If you could give some idea of what you actually need this money for perhaps some other ideas will come to mind.
I also don't think that taking equity release at age 55 and spending all the money is a good idea. What are you going to live on at age 65? 75? 85? if you do this?

The answer is complain to the Daily Mail.
Have a look at today's online edition


http://www.dailymail.co.uk/money/mortgageshome/article-4246582/Families-trapped-homes-want-sell-banks.html

Ben8282

jonesMUFCforever wrote: »

The answer is complain to the Daily Mail.
Have a look at today's online edition


http://www.dailymail.co.uk/money/mortgageshome/article-4246582/Families-trapped-homes-want-sell-banks.html

Some comments about this article.
Firstly, I find the description of Welling (Kent) as a 'small town' to be quite funny. This gives the impression that Welling is some sort of small town in the Kent countryside when in fact, despite the Kent address, it is situated in the London Borough of Bexley well within the 'built up' area of Greater London in travelcard zone 4 and bordering on the London Borough of Greenwich. Not a cow, sheep or green field in sight.
The article states that borrowers agreed to give up three-quarters of any increase in the value at sale. The article goes on to state that the house is now worth £300,000.
The article then states that they would have to pay the bank £192,000 leaving them with just over £100,000.
Now 192,000 is 75% of 256,000.
This implies that the value of the house has increased by £256,000 since they took out this no-interest mortgage on an unspecified date between 1996 and 1998.
This means that on the date the mortgage was taken out the home was worth only £44,000.
I don't think so. Not a house in Welling in the late 90's. Somebody has got their figures very wrong somewhere.

Having criticised the article, I would go on to say that these mortgages were a bad product.

Just to clarify a final point. When I suggested the OP take out an interest-only mortgage I was referring to a real interest-only mortgage with a 5 year term and actual repayments to cover interest during the term of the mortgage, and not a product such as this.