Did you take out equity release to live your dreams once you reached 60?

Are you 60+ and have finally decided to live your dreams? Maybe you had to take out equity release on your home in order to do what you've always wanted to do? How did that work out? I'd love to hear from anyone who's managed to do this with a successful conclusion. 
«1

Replies

  • SocajamSocajam Forumite
    1.2K Posts
    1,000 Posts Second Anniversary Name Dropper
    ✭✭✭
    Me too
    I am thinking about this, but it would be a lot later then 60 - probably 75 if I live that long

  • edited 7 September 2020 at 4:45PM
    missilemissile Forumite
    11.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    edited 7 September 2020 at 4:45PM
    Me too. The fees to arrange most equity release deals seem excessive (IMHO). I don't need or want advice from an IFA and might consider a life time mortgage?

    This would be in the future as we have more than sufficient cash available at present.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • barbedhookbarbedhook Forumite
    166 Posts
    Sixth Anniversary 100 Posts
    We are both 67 and are in the process of getting a life time mortgages for £30k. The lifetime rate is 2.5% the fees we have to pay are just for our own solicitor after looking at most advisors the fees were expensive so I got in touch with step change who gave me all the advice and recommended a plan which had no valuation fee and no arrangement fees and their advice was free. 
  • missilemissile Forumite
    11.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Sounds like a plan. Which mortgage provider did you choose?
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • bellinda_2bellinda_2 Forumite
    1 Post
    Tenth Anniversary First Post Combo Breaker
    MoneySaving Newbie
    Do you have to be able to pay off existing mortgage to be eligible for equity release 
  • missilemissile Forumite
    11.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    How much is your mortgage and what is value of your property?
    If the sums add up, you could pay off your existing mortgage by using some of the equity release funds.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • clive0510clive0510 Forumite
    656 Posts
    500 Posts First Anniversary
    ✭✭
    I am 60 next year. I havent taken a lump sum and dont have any plans to, but nice to know the option is there. also nice to be able to leave it where it is and have bigger pension,when d day arrives. 
    I currently have a ifa on the case,as I have various pensions gained over the years.
  • 203846930203846930 Forumite
    4.7K Posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    ✭✭✭✭
    Do you have to be able to pay off existing mortgage to be eligible for equity release 
    Get proper advice but just to say that my neighbour used his equity to release himself from mortgage payments, the equity company now pays the mortgage for the remaining term.
  • [Deleted User][Deleted User]
    0 Posts
    Fifth Anniversary 1,000 Posts Name Dropper I've been Money Tipped!
    MoneySaving Newbie
    Instead of equity release we downsized significantly in our 50's
  • BrowntoaBrowntoa Forumite, Board Guide
    48.9K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    venison said:
    Instead of equity release we downsized significantly in our 50's
    Another vote for downsizing.

    Did it 4 years ago to become mortgage free.

    I will do it again in a few years to release capital and make use of cash gifts to family while I am still likely to live the 7 years and it's unlikely to be classed as deprivation of assets
    Links in my signature currently broken
    I'm the Board Guide of the ,Telephones, Pensions , Shop Don't drop ,over 50's , Boost your income and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to [email protected] Any views are mine and not the official line of MoneySavingExpert.[
Sign In or Register to comment.
Latest MSE News and Guides