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VMAN7
Posts: 1 Newbie
Hi, first time posting so please be gentle.😂
My 83 year old father has had a call from Aviva who he's got insurance with and they've asked him if he'd ever considered doing an 'Equity Release' on his home with them? They said: "We would buy your house off you for it's full value (which is £180,000 - £200,000 going off other houses that have been sold on the same road.) and we would pay you a lump sum of £70,000 now.
We would not take any more money off you and you will there rent free until you die."
He has told me about it and I'd never heard of it? So was a bit suspicious also. He's 83 now like I said, so he's retired and receiving a couple of pensions from past jobs and state he has no savings and about £60,000 left to pay on his mortgage. He thinks it's a great idea, because he's not going to be here many more years?! (Great, thanks for that thought dad!!😂)
So I guess my question is...
Is it as black & white as that (I don't think it is?) and could anyone help me and give me some advice as to whether it is a good idea because of obviously his age, he's never going to pay the mortgage off, and me, my brothers & sister never expected to inherit anything anyway?! So no loss as such there.
Kind Regards
Vin
My 83 year old father has had a call from Aviva who he's got insurance with and they've asked him if he'd ever considered doing an 'Equity Release' on his home with them? They said: "We would buy your house off you for it's full value (which is £180,000 - £200,000 going off other houses that have been sold on the same road.) and we would pay you a lump sum of £70,000 now.
We would not take any more money off you and you will there rent free until you die."
He has told me about it and I'd never heard of it? So was a bit suspicious also. He's 83 now like I said, so he's retired and receiving a couple of pensions from past jobs and state he has no savings and about £60,000 left to pay on his mortgage. He thinks it's a great idea, because he's not going to be here many more years?! (Great, thanks for that thought dad!!😂)
So I guess my question is...
Is it as black & white as that (I don't think it is?) and could anyone help me and give me some advice as to whether it is a good idea because of obviously his age, he's never going to pay the mortgage off, and me, my brothers & sister never expected to inherit anything anyway?! So no loss as such there.
Kind Regards
Vin
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