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Re-Mortgage advice for over 55's

debt_collector
debt_collector Posts: 63 Forumite
in Mortgages & endowments
My mother is 59years and my father 66years. Neither of them work and recieve various benefits. They bought their house approx 30years ago for £6000!! It is obviously now worth considerably more. They have £1000 left to clear their mortgage. However, they have debts which they would like to clear and enjoy their twighlight years. They are considering re-mortgaging to pay off debts and enjoy life, their mortgage is with the co-op. Can any one offer and advice on which may be the best lender etc who will cater for their age??

Regards

Comments

  • Lipstick_2
    Lipstick_2 Posts: 85 Forumite
    Have they considered a lifetime mortgage?

    Google lifetime mortgage for further info..
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • debt_collector
    debt_collector Posts: 63 Forumite
    Thanks. I have looked at SAGA equity release and the idea seems perfect. SAGA are a well known company so I would be happy to trust them. I take it in your opinion equity release is the better option?

    Also, will I have to shop around for the best lifetime mortgage/equity release company or are they all the same?

    Regards
  • Lipstick_2
    Lipstick_2 Posts: 85 Forumite
    Consult a competent and qualified IFA or Mortgage Broker as they will be able to find the best to suit your circumstances.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    Start here:

    https://www.ship-ltd.org
    Trying to keep it simple...;)
This discussion has been closed.
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