A scheme to avoid on Rightmove ?

moneyistooshorttomention

ProDave wrote: »

Do you not accept that as a woman, your life expectancy is greater than a man, so does that not make you somewhat "better off"?

Having different rates for male and females for say life insurance is no more sex discrimination than having different rates for smokers and non smokers.

If it was truly possible for men and women to be equal, can I have a female life expectancy please?

..and there was me thinking the decision about whether to smoke or no was a voluntary one:rotfl:

Though, in this day and age, the thought had crossed my mind of "self-identifying as a man" for just long enough to buy a house on a scheme like this - before reverting to normal (ie a CIS woman). Would rather serve these companies right:rotfl:

I know it's going to go in one ear and out the other that life expectancy should be calculated "per person" and not divided between "men" and "women" - as it currently still is at the moment. Guessing that poster is a man...:cool:

moneyistooshorttomention

Red-Squirrel wrote: »

How are women treated worse for equity release?

To the best of my knowledge women are still paid less than equivalent (ie same age) men

- errr...was I wrong in thinking you are a woman too??

seven-day-weekend

need_an_answer wrote: »

..................

I've seen some howlers too,like the ones that need complete renovation,I cant imagine the over 60 who would commit not only to an equity release deal but then be able/willing to renovate too.

We would not do the equity release, but we did have this bungalow completely renovated when we were 66/66. My husband did much of the work that did not require specialist skills (laying new sub flooring for example) and I did things like wallpaper stripping and general labouring.

boliston

their clause about moving looks a bit worrying

"I want to move home and I have a Home for Life Plan?
The Home for Life Plan is completely portable. Should you wish to move, your plan will move with you. You would need to cover all moving, sales and legal costs, and, as usual, we can help with every step of this process"

What happens if you want to downsize and move into a rented flat?
What happens if you meet a partner and move into their house?
What happens if you move abroad?

This sounds like a plan you are basically stuck with for life and no way of ever getting back any money you paid into it.

moneyistooshorttomention

boliston wrote: »

their clause about moving looks a bit worrying

"I want to move home and I have a Home for Life Plan?
The Home for Life Plan is completely portable. Should you wish to move, your plan will move with you. You would need to cover all moving, sales and legal costs, and, as usual, we can help with every step of this process"

What happens if you want to downsize and move into a rented flat?
What happens if you meet a partner and move into their house?
What happens if you move abroad?

This sounds like a plan you are basically stuck with for life and no way of ever getting back any money you paid into it.

Good points:T

Also - what happens if you decide to rent out your home (after all some of us might yet travel the world for a while or keep our own home despite moving in with a partner).

Then there are considerations like the younger people eligible for this scheme are the "Sandwich Generation". With that - there are two scenarios that might arise:

- moving temporarily into the home of an elderly parent to be a carer for them
OR
- having your "adult children" boomerang back to you

Are these schemes going to expect to "poke their nose in" in those scenarios?

GSDPenny

One of these has just popped onto the market in my area - we've just exchanged, but right up until then I've been signed up to notifications within 1/4 mile of our house just to keep an eye on prices in case something fell through at the last minute with our buyer (no price dropping or slow down around here yet I'm afraid Crashy).

Anyway, I was horrified to see the price advertised - about £50k less than I would expect it to be marketed at (£297,500) . However, reading the smallprint about still being able to buy it at it's full market value, they've quoted this at £450k. Which is about £100k overvalued. What a rip off.

Buy on this scheme and think you're getting XX% off, and end up paying not that much under market value with a load of restrictions.

Avoid at ALL costs.

Red-Squirrel_2

moneyistooshorttomention wrote: »

To the best of my knowledge women are still paid less than equivalent (ie same age) men

- errr...was I wrong in thinking you are a woman too??

Yes there is still a pay gap but not sure what that has to do with equity release specifically.

It seems from further posts you’re actually referring to life expectancy though.

humptydumptybits

I thought women were earning more than men until they started having babies. I'm sure I read that somewhere and it didn't surprise me as lots of the young women my kids went to school with are doing very well careerwise but if they take a few years out for babies it will have a long lasting effect.

moneyistooshorttomention

Red-Squirrel wrote: »

Yes there is still a pay gap but not sure what that has to do with equity release specifically.

It seems from further posts you!!!8217;re actually referring to life expectancy though.

Pay gap on equity release schemes:

= women currently being paid less than men - in equity release schemes and/or being given less released capital from their property.

humptydumptybits

moneyistooshorttomention wrote: »

Pay gap on equity release schemes:

= women currently being paid less than men - in equity release schemes and/or being given less released capital from their property.

Because they will, on average, live longer. It worked the other way round when I wanted to commute some of my pension and take a lump sum, I got more than a man would as they worked out if they were paying me the pension I would get more money than a man. It works both ways and of course women we are likely to live longer, I don't want to volunteer to die younger.


Did you get your pension younger than a man of your age would?