Lifetime Mortgage

Gbbernmc

It seems obvious equity release is a last resort.
I'm 80 years old, house worth 350k mortgage of 100k.
Income just covers my outgoings.
So it's equity release.....which i don't want, or perhaps a secured loan, if I can get one.
Any suggestions?

System

Gbbernmc. If I was in your position I would sell the house and pay off the mortgage. That would reduce your outgoings considerably. With £250000 you should be able to buy another property outright. Hopefully I am not missing something here.

System

Gbbernmc. Just being curious, but any reason you still have such a mortgage at your age?

mrginge

I think lifetime mortgages are rubbish.

Consider.

kay0601

I think any loan whether secured or not should be thoroughly researched and the money received used wisely instead of holidays and frivolity (unless you can pay it back of course). Consider. :money:

Onlooker

Any posts on here are for information and discussion .Single Financial Aid Body.Not discussed.Post Office Family Line Mortgage .Not discussed.25% Early Repayment Charge.Not discussed.£3million annual contribution by one provider to a third party.Not discussed.Advisors in the industry not selling to their own relatives.Not discussed.Depletion of giftng to charities>not discussed.Consider

mrginge

Lifetime mortgages are great.

I have got three. My last one gave me a free pen and £25 M and S voucher.

My sex life has improved no end and I have taken up salsa dancing. All thanks to my brilliant lifetime mortgages!

Consider.

Onlooker

The prose in the Daily Papers with regard to Lifetime Mortgages continues virtuially every other day.The one sided obviously grafted enticement to people.We post our points with regard to same not to ,as it seems,to upset contributors put to give arguements against about once a week.It can be read or ignored the viewers choice .
Alternatives have been given i.e Downsizing ,borrowing elsewhere ,not doing anything until a lot later in life as advised by the well respected MSE .The ratio of thanks to our posts is over 20% which is quite encouraging for ourselves.Consider

robatwork

1, 2, 3, <snap> and you're back in the room

Onlooker

Two full centre pages this week with regard to getting involved in Equity Release.What is not shown is enough warning with regard to spending and borrowing in borrowers future.Using their own £78000 example take into account that whatever you may or not do with your monies .7 years later that will have cost you 50% more,and 14 years later no matter what it was used for repayment will double and carry on rising.In year 14 the added on interest will be £7354.00 on a 5% interest which is over 9%.and full repayment will be £154,434.00.Consider