Lifetime mortgage

AllenA_2

Regretfully no, My children (37 and 35 now) are not in a position to help, I am sure they would if in a position to do so, they have their own lives to live.

djphig

Hi AllenA,

Have you considered a normal mortgage? There are specialist lenders who will consider applications up to 85 years old with more flexibility with income than the normal high street lenders

AllenA_2

Interestingly I have done all the things that are open to me... gone to financial advisors, online and on the high street, contacted various agencies and outlets that offer help and advice, even my bank .... nothing ... they all say there is nothing they can do ... so .. as I say either it is all hype, or the relevant advisors, companies etc etc are working to their own agendas, manipulating the rules/guidelines to suit themselves or picking and choosing those whose income and property will benefit them the most.
Disillusioned is an understatement ... distrust of them all is a fact ... !!

dunstonh

gone to financial advisors, online and on the high street, contacted various agencies and outlets that offer help and advice, even my bank .... nothing .

Most of those places do not do what you need. You need either a whole of market mortgage adviser that does equity release of an independent financial adviser that does equity release.

so .. as I say either it is all hype, or the relevant advisors, companies etc etc are working to their own agendas, manipulating the rules/guidelines to suit themselves or picking and choosing those whose income and property will benefit them the most.

If you showed that sort of attitude with them, then they would probably look for ways to not deal with you.

distrust of them all is a fact ..

If I went to a butcher and asked for a loaf of bread he would say he cant help me. I could repeat and repeast as much as I like but there is nothing he can do. So, do I now distrust the butcher and rant on the internet or do I go to the right place I should have gone to?

AllenA_2

According to all the hype ... what I see hear and read ... finacial advisors are supposed to know all this too .. arent they .. ??

I didn't start to have the attitude until I realised I was being given the run around by the people I am told should be able to help me... truth hurts as they say .. let me guess, you are in the industry ?

ps: I wouldn't go to a butcher for a loaf of bread .. If I went to him for meat and he kept saying he didn't have any .. well that's enough for anyone to have attitude .. isnt it .. ??

I would have to wonder at the advice from someone who would go to a butcher for bread .. !!

AnotherJoe

It may be that at your age, income combined with the equity in the property there is no equity release financially possibilite. That’s always going to be the case for some values of all those things. That doesn’t mean there is a conspiracy against you.

dunstonh

According to all the hype ... what I see hear and read ... finacial advisors are supposed to know all this too .. arent they .. ??

An FA would not know all this. FAs are restricted advisers. The most common type of FA can only advise on the products and services of their employer or tied insurance company. Most of whom do not offer equity release. So, they neither retail meat, bread or equity release.

You need to see an IFA. Spot the I. It stands for independent. However, it has to be an IFA that also deals in equity release. Most firms with multiple advisers will have someone in-house who can do equity release. Typically a mortgage broker rather than one of the actual IFAs. OR you can go to a mortgage broker that does equity release. You wont get meat or bread though.

ps: I wouldn't go to a butcher for a loaf of bread .. If I went to him for meat and he kept saying he didn't have any .. well that's enough for anyone to have attitude .. isnt it .. ??

I would have to wonder at the advice from someone who would go to a butcher for bread .. !!

So, why dont you go to the right place for equity release then?

AllenA_2

Well you see ... I thought I was ...... according to what I had been told, I was ....
About the one (and only) thing I have gained from this forum is the 'I' ... for Independent ... and I will (try to anyway) act on that ... watch this space ... !!

dimbo61

Time to start looking for a new home !
My Dad at the age of 70 could no longer afford to maintain his house so he sold it and moved into an over 55,s one bedroom apartment.
He has loved living in this complex for the last 13 years.
He has rent to pay each month but the money from the sale of his home has provided him with a good income and lots of nice holidays ��
He is chairman of the residents community and spends many hours working in the communal gardens.
If you have the income then overpay the Mortgage each month and consider doing any jobs which will make the house more sellable.

AllenA_2

Well there's interesting ... I have followed advice and contacted Independent FA's ... for all the good it has done me... as I said initially, it seems they are applying the same rules to lifte time mortgage as they do to equity release .. despite them being essentially different, and I don't qualify .. in reality of course there is social prejudice going on as reading between the lines, or between the guff spouted at me, my house isn't posh enough or worth enough for them to bother, there isn't enough in it for them to take it on... I'm not surprised people cant get decent help, in my opinion Mortgage advisors, financial advisors are right up there with used car salesmen.