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bevjtaylor wrote: »
im heartbroken I have just found out my parents had equity release on their house around 18 yrs ago borrowed 60K on checking a lastest statement now owe 118K dont know what to do? anyone got advice?
Bfd wrote: »
My mum took out an equity release and although there is a no negative equity clause, it looks like we will have no value to inherit on the house as the interest is so high and the debt escalating. She can't afford to repay any of it so we have to just wave goodbye to the family home when she passes which is such a shame. Is there any way to reduce the interest rate??
rosmic wrote: »
I live in a Park Home. If I sold it I wouldn't have enough money to buy anything more manageable or if I rent somewhere my money wouldn't last long. Is there anywhere at all that would give me equity on my park home please?
echos_mum wrote: »
What happens if, after some years from taking Equity Release, you need to move for any reason, eg down-sizing, disability issues, or just to be nearer relatives. Do the repayment terms come into play? Or can you transfer the plan to the new property somehow? Otherwise you could end up with insufficient equity to buy anywhere.......
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