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Mortgages for the elderly & disabled
BurnA
Posts: 2
Newbie
Can anyone recommend which lenders lend to elderly and disabled.? They are on pensions and benefits as their income.
My mum and disabled dad owe nothing on their mortgage but took out equity release several years ago for £25k, they now owe a whopping £42kk!! and need to release some more cash.
They have equity on the house and I am trying to get them to release money by remortgaging, paying off the equity release money and keeping £20k for updating the property (hence adding more value). Is this a better idea??
My mum and disabled dad owe nothing on their mortgage but took out equity release several years ago for £25k, they now owe a whopping £42kk!! and need to release some more cash.
They have equity on the house and I am trying to get them to release money by remortgaging, paying off the equity release money and keeping £20k for updating the property (hence adding more value). Is this a better idea??
0
Comments
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it will now depend on affordability and how much they have as income.
Engage broker who can look at them individually, but usually lenders only lend to a certain age and/or depending on income"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Is downsizing an option?
This could release equity without the need for a mortgage.Everything will be alright in the end so, if it’s not yet alright, it means it’s not yet the endQuidquid Latine dictum sit altum videtur0
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