Equity Release - Should I?

LoobyLoo0704

Hi, after many years of financial problems, I am now the proud owner of my bungalow, mortgage free. I am 66 and although "retired" I am self employed and earn a good living on top of my pensions. My daughter is very ill and needs treatment. This treatment is not available on the NHS and it will cost in the region of £25,000. She had asked me to consider equity release on my property and I am so torn. On one hand I am desperate to help her, but I have two other children who could be affected in the future by my decision. Is this the only way to raise this amount of money? I am enjoying my financial position after so many desperate years and would be grateful for some sound advice.

jonesMUFCforever

Don't do it.

Make your own enquiries about the treatment and come to your own logical conclusion.

AnotherJoe

I'd be very very sceptical there is a cure for a very serious condition which is not available on the NHS.
It's possible of course, and there have been a few recent examples such as proton beam therapy, but I suspect it's more likely case of her grasping at straws with a sham treatment for a serious condition, such as cancer sufferers who try all sorts of unlikely things often at great cost.

Can you mention here what the condition is?

Silvertabby

The NHS may be strapped for cash, but I'm sure it has £25K to treat/cure a serious illness. When you read about people crowd-funding, for instance, it's generally to raise funds to pay much more than that for an unproven procedure.


What is it that your daughter needs?

Ilona

I don't think anyone here can give you a definite answer on this, so many variables. Like, Have you seen evidence that the treatment costs £25,000? What is her illness? Is it life threatening? Will her life be saved if she has the treatment? What will happen if she doesn't have the treatment? Will she have to go abroad for the treatment or is it available in this country? How old is she? Will you want to give the other two children £25,000 each? Do you want to go back to being in debt? How long can you go on working for? What happens if your work dries up?

Ilona

[Deleted User]

Dont do it, as other have said if your DD is very ill then the treatment will be available on the NHS, unless you can tell us what the illness is and why the NHS won't treat her?

pineapple

Ilona wrote: »

Do you want to go back to being in debt? How long can you go on working for? What happens if your work dries up?

It may be the type of equity release which doesn't involve repayments - you just end up forfeiting some of your home's value - perhaps a lot more than you borrowed - when you die or sell up. So you don't actually go into debt so far as everyday expenditure is concerned.
But one issue is any strings attached to moving home. The OP should check out the implications should she want to move house in the future.

A new possibility coming on to the market is interest only mortgages for pensioners - which however obviously does involve repayment.
I've looked at this but the only lender I've found so far has set a minimum loan amount of £75,000 - and I only want a few grand for home improvements! I'd be better off with a bank loan.

John_Jones

What is the treatment?

It is sadly the case that many people will look to scam vulnerable people who are seriously ill. From stem cells, through chelation to version therapy and megadoses of vitamins, all kinds of charlatans and cranks will look to cheat the unwell.

There do exist some treatments that are accepted in other countries, but not yet approved here, but they are few. Are you willing to give more details before perhaps blighting your future to do no good for your family?

bris

Well I don't think we have enough information to say don't do it, far from it.


Unless we get to know the problem and can say for sure its a scam then I personally would sell everything and borrow as much as I could I own to save one of my kids and the other two wouldn't mind one bit.

Thrugelmir

More information please.

LoobyLoo0704

Hi Thank you all.

My daughter has Chronic Lyme Disease which she has had since 2009. It is an awful disease and the NHS do not appear to have any strategy to treat Lyme Disease. She saw a Doctor in Seattle, who is a Lyme Practitioner and he was treating her with prescriptions and over Skype. Unfortunately, in America, some states will not allow Doctors to treat Lyme disease and remove their licences. This very experienced Doctor has lost his licence. Something to do with Insurance and it is absolutely ridiculous. My daughter has many problems caused by the bacteria and it has affected virtually every part of her body. She is only 33, was very fit, a model, writer, Nutritionist and Personal Trainer. Now she is unable to work. She wants to try Stem Cell treatment that has apparently had a lot of success. She is so desperate to get back to a "normal" life. She has a partner who is great but he has to support them both. They live in rented accommodation nr London, which is very expensive. Only alternative therapies are available to Lyme Sufferers as the NHS really have no clue how to treat it.