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Equity Release - I've lost my home
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hedgehunter wrote: »downsizing, if that is possible, is the only way to truely release equity.
The problem is that many older people have an understandable, but irrational attachement to their property even when it is too big or expensive for them to run and maintain, usually because it was the place their family grew up or because of neighbours and friends, and in later years of life many people cannot face or cope very well with change.
It isn't necessarily irrational. Selling/buying/moving house can be very stressful. It's fine when still relatively young and healthy but leave it too late in and it can kill you. I think there are stats on this somewhere, old and not in that good health people frequently die shortly after moving. Happened to a relative of mine. Finally brought his dream bungalow right on the coast, had friends and family around to help him, yet died of a heart attack within a week of moving in ...0
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