Equity release or not

Terriwin

Hi
I am in my 60's. My mortgage is a mixture of endowment and mostly repayment. My property is worth 3 times my mortgage. In a couple of years I have to pay back £15k which i do not have at the moment. Hard to remortgage and downsize because of age. My partner and I are self employed or on pensions. the rest of the mortgage goes on for another 10 years. My children are quite well off and have their own houses and mortgages,so are better off than me
I am thinking of looking at an equity release deal to pay off the 15k and to do some home improvements that I cannot afford.
Any advice from you sensible people out there?

TrickyDicky101

Do you wish to provide an inheritance for your children at all? If so, it would probably be a good idea to discuss your needs with them and see if they will lend you the money you require and hence avoid the equity release route. ER is typically a very expensive way to borrow.

robatwork

Am slightly loath to get you mixed up in it, but you can check out the thread from someone who has been "burned" here

https://forums.moneysavingexpert.com/showthread.php?t=5668790

AnotherJoe

Seems to me that ER would just kick the can down the road because unless it provided for your needs until death, what happens when you need more work doing ?

Is a substantial downsize possible? Is the house you are in too large for long term living ? Have you explored a small and shorter term mortgage in conjunction with downsizing, or just given up on the idea without researching possibility of a mortgage with a broker ?

Terriwin

At the moment, considering remortgage so trying to get as much advice as possible before deciding. Downsizing will still mean a mortgage if small and now researching specialists in mortgages for the older person