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

DemiDee

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. 

Socajam

Me too
I am thinking about this, but it would be a lot later then 60 - probably 75 if I live that long

missile

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.

barbedhook

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. 

missile

Sounds like a plan. Which mortgage provider did you choose?

bellinda_2

Do you have to be able to pay off existing mortgage to be eligible for equity release 

missile

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.

clive0510

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.

203846930

bellinda_2 said:

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]

Instead of equity release we downsized significantly in our 50's

Browntoa

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