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I might as well take equitity release.
clive0510
Posts: 948
Forumite
HI. I'm 59. live on my own now with no kids or dependants. so I'm thinking may as well get some equitity release against this place and use the money to have it completely painted and decorated, new carpets and curtains etc.
I'm just wondering what are the pitfalls of equity release and also have any of you had experience of it- good or bad.
I'm just wondering what are the pitfalls of equity release and also have any of you had experience of it- good or bad.
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clive0510 said:HI. I'm 59. live on my own now with no kids or dependants. so I'm thinking may as well get some equitity release against this place and use the money to have it completely painted and decorated, new carpets and curtains etc.
I'm just wondering what are the pitfalls of equity release and also have any of you had experience of it- good or bad.
Ask on the mortgage board.Mortgage started 2020, aiming to clear 31/12/2029.0 -
I don't want a mortgage.MovingForwards said:clive0510 said:HI. I'm 59. live on my own now with no kids or dependants. so I'm thinking may as well get some equitity release against this place and use the money to have it completely painted and decorated, new carpets and curtains etc.
I'm just wondering what are the pitfalls of equity release and also have any of you had experience of it- good or bad.
Ask on the mortgage board.0 -
Equity release is a "lifetime mortgage"
Normally rolling the debt up until you move or die ( unless you choose to pay interest )
Ex forum ambassador
Long term forum member1 -
If you want money out your property, want to stay in your home until death, and don't care about passing on an inheritance to anyone then there aren't any pitfalls to equity release.
Very little underwriting, very little income checks, they don't care what you use the money for. Ultimately you die and they take the house
If you want to leave something to someone then it will eat away at your equity quite quickly.
You might have a house worth 200k now and release 80k from it. Your house value might increase to a million but it won't matter as the equity will be taken by the firm who have you the money in the first place.
As long as you don't care about that then it's worth looking in to. Otherwise take a normal mortgage over 10 years and pay it back and keep the property as 100% yours in retirement0 -
May I suggest - ask a qualified financial adviser!Now a gainfully employed bassist again - WooHoo!2
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