help please

AMBERSHADOW

sourcrates wrote: »

How old were they when they took out the loan ?


Minimum age for equity release is 55.

They were well into their 60's.. I just don't think they grasped the fact that it would gain interest and lots of it! My Mother inlaw states now if she'd known then she wouldn't have taken it like that..


Knowing my inlaws I am really surprised at this to be honest He left Fords with a big payout and a very good pension.. the Bungalow they purchased was cash no Mortgage so for this to show up is quite unnerving to say the least..

Ben8282

AMBERSHADOW wrote: »

Knowing my inlaws I am really surprised at this to be honest He left Fords with a big payout and a very good pension.. the Bungalow they purchased was cash no Mortgage so for this to show up is quite unnerving to say the least..

Yes. It does seem a little strange that they would buy a house for cash and then promptly take £4500 equity release to buy new doors and windows, If your father in law had a good pension they should have been able to take out some sort of normal finance such as a loan or credit card to pay for this. Was nothing said to family members (your husband for example) at the time about the extra money needed?
It really doesn't add up that they were quite capable of buying a new property without assistance and then for some reason decided to do this.
How did the existence of this equity release come to your notice and how did you find out about the amount now outstanding?

AMBERSHADOW

Ben8282 wrote: »

Yes. It does seem a little strange that they would buy a house for cash and then promptly take £4500 equity release to buy new doors and windows, If your father in law had a good pension they should have been able to take out some sort of normal finance such as a loan or credit card to pay for this. Was nothing said to family members (your husband for example) at the time about the extra money needed?
It really doesn't add up that they were quite capable of buying a new property without assistance and then for some reason decided to do this.
How did the existence of this equity release come to your notice and how did you find out about the amount now outstanding?

No nothing was mentioned only found out due to him dying and now MIL needs care and we cant pay it off only if she dies and they take the house as payment..


My FIL was so careful I just can't get my head round it at all..